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4 Nov 2013
NZD/USD breaks 0.8270 limits
FXstreet.com (Chicago) - NZD/USD extends reversal wiping out last Friday’s losses and targeting the 0.8280 front shortly after the release of data in New Zealand.
The ANZ commodity price results for October were 1.3% vs. past 0.9% while the ANZ job advertisements for the same month were -0.2% vs. past 1.1%.
NZD/USD Technical Levels
Offered at 0.8276, the pair flows above the immediate resistance at 0.9270 (October 25th lows) to now faced at 0.8313 (October 9th highs) ahead of 0.8355 (October 22nd lows). On the downside, supports are aligned at 0.8240 (October 31st lows), 0.82 (November 1st lows) followed by 0.8164 (September 11th highs). According to Jim Langlands from FXcharts “the Kiwi finished roughly in the middle of its weekly range (rallying 30 points in the last hour of thin NY trade) but the dailies look heavy and it appears that it has the potential to retest the support at 0.8230 (38.2% of 0.7719/0.8543) and potentially the 200 DMA at 0.8178.” adding “The short term charts suggest that we could squeeze a little higher and a near term test of 0.8300 would not surprise, but if seen would possible present a decent sell opportunity given the negative outlook on the daily charts. Good support is to be found in the 0.8165/90 area, and if we did head below there, then the slide could begin to accelerate. Probably not today though”
The ANZ commodity price results for October were 1.3% vs. past 0.9% while the ANZ job advertisements for the same month were -0.2% vs. past 1.1%.
NZD/USD Technical Levels
Offered at 0.8276, the pair flows above the immediate resistance at 0.9270 (October 25th lows) to now faced at 0.8313 (October 9th highs) ahead of 0.8355 (October 22nd lows). On the downside, supports are aligned at 0.8240 (October 31st lows), 0.82 (November 1st lows) followed by 0.8164 (September 11th highs). According to Jim Langlands from FXcharts “the Kiwi finished roughly in the middle of its weekly range (rallying 30 points in the last hour of thin NY trade) but the dailies look heavy and it appears that it has the potential to retest the support at 0.8230 (38.2% of 0.7719/0.8543) and potentially the 200 DMA at 0.8178.” adding “The short term charts suggest that we could squeeze a little higher and a near term test of 0.8300 would not surprise, but if seen would possible present a decent sell opportunity given the negative outlook on the daily charts. Good support is to be found in the 0.8165/90 area, and if we did head below there, then the slide could begin to accelerate. Probably not today though”