29 Nov 2013
NZD/USD flirting with 0.81, looks vulnerable
FXstreet.com (Barcelona) -NZD/USD accelerated its losses on Friday, descending through 0.81 to meet a new 11-week low at 0.8085, where some bids appeared to snap the rate back up towards 0.81 area.
NZD/USD technical levels
Technically, pressure looks set to remain to the down side, according to Jim Langlands, Founder at FXCharts, noting that failure to hold 0.81 sees 0.8090 (minor) and then 0.8035 (61.8 of 0.7718/0.8543) as providing support.
On the topside, Jim notes: "Back above the 200 DMA at 0.8170 would see a run towards the S/H/S neckline at 0.8195/0.8200, beyond which 0.8220(38.2% of 0.8393/0.8112) and then 0.8250(50%) and 0.8285 (61.8%) would be the targets."
NZD/USD technical levels
Technically, pressure looks set to remain to the down side, according to Jim Langlands, Founder at FXCharts, noting that failure to hold 0.81 sees 0.8090 (minor) and then 0.8035 (61.8 of 0.7718/0.8543) as providing support.
On the topside, Jim notes: "Back above the 200 DMA at 0.8170 would see a run towards the S/H/S neckline at 0.8195/0.8200, beyond which 0.8220(38.2% of 0.8393/0.8112) and then 0.8250(50%) and 0.8285 (61.8%) would be the targets."