14 Jan 2014
NZD/USD launches attacks towards 0.84
FXstreet.com (Bali) - Unlikely in the last few months of 2013, NZD/USD seems determined to finally set a directional bias that may allow mid term traders to participate in a market which has been largely dominated by quick, intraday bidirectional moves but no real progress on either side.
NZD/USD needs to break 0.84/8410
The US NFP shocker from last Friday sent the rate soaring from near 0.82 to currently oscillate slightly heavy off 2014 highs at 0.8370 vs 0.8390 2014 highs printed Monday.
Today's price action should be quite telling about the intentions of the market short term, with the rate having a tendency to refuse the 0.84 value on every attempt, as committed sellers successfully step in to re-establish the old lengthy range.
NZD/USD technicals
According to Jim Langland, Founder at FXCharts: "The 4 hour charts are still positive, if in some danger of becoming overbought, but the dailies are building some positive momentum too and a test of 0.8400 could be on the cards. There is plenty of resistance up there though... The last two highs have been at 0.8407 and 0.8415 and so they need to be overcome before further possible advances on 0.8435. Above that would be getting a little short of oxygen, but it could be that the Kiwi wants to head back for another look at 0.8500."
NZD/USD needs to break 0.84/8410
The US NFP shocker from last Friday sent the rate soaring from near 0.82 to currently oscillate slightly heavy off 2014 highs at 0.8370 vs 0.8390 2014 highs printed Monday.
Today's price action should be quite telling about the intentions of the market short term, with the rate having a tendency to refuse the 0.84 value on every attempt, as committed sellers successfully step in to re-establish the old lengthy range.
NZD/USD technicals
According to Jim Langland, Founder at FXCharts: "The 4 hour charts are still positive, if in some danger of becoming overbought, but the dailies are building some positive momentum too and a test of 0.8400 could be on the cards. There is plenty of resistance up there though... The last two highs have been at 0.8407 and 0.8415 and so they need to be overcome before further possible advances on 0.8435. Above that would be getting a little short of oxygen, but it could be that the Kiwi wants to head back for another look at 0.8500."