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17 Jun 2013
NZD/USD testing 0.8100
FXstreet.com (London) - After retreating from a high last week of 0.8111 to consolidate below the figure, NZD/USD is testing the upside again in London.
The NZD/USD has taken off
A big week of gains against a generally softer USD has delivered a knock-out technical blow to the NZD’s downtrend in place since early April, the price patterns suggest, said analysts and research teams at TD Securities. “The evidence is unequivocal from a technical perspective”. NZD/USD closed the week out on a stronger note, above the prior week’s high and after having made a new cycle low. TD Securities said that last week was a “key week reversal week”. Moreover, they said, the formation has leveraged the rebound off of the 76.4% Fibonacci retracement support derived from the 0.7460/0.8675 rally at 0.7748. They expect that near-term gains through 0.8145 should confirm the trend change and set the market on track for 0.8200/50 at least. Data wise, the calendar hasn't anything top tier for today, although the market awaits the FOMC up later his week.
NZD/USD on a strong foot for the week ahead
Saeed Amen, strategist at Nomura explains that spot is higher. They maintain a bullish view. “Spot broke up through 20D SMA, suggesting further upside”. They explain that RSI has also moved higher off from very low levels, indicating upward momentum (and it has already reached a short-term low). “Bandwidth is flat indicating further range-bound trading. Our target is 0.8200 (just below upper Bollinger band)”.
The NZD/USD has taken off
A big week of gains against a generally softer USD has delivered a knock-out technical blow to the NZD’s downtrend in place since early April, the price patterns suggest, said analysts and research teams at TD Securities. “The evidence is unequivocal from a technical perspective”. NZD/USD closed the week out on a stronger note, above the prior week’s high and after having made a new cycle low. TD Securities said that last week was a “key week reversal week”. Moreover, they said, the formation has leveraged the rebound off of the 76.4% Fibonacci retracement support derived from the 0.7460/0.8675 rally at 0.7748. They expect that near-term gains through 0.8145 should confirm the trend change and set the market on track for 0.8200/50 at least. Data wise, the calendar hasn't anything top tier for today, although the market awaits the FOMC up later his week.
NZD/USD on a strong foot for the week ahead
Saeed Amen, strategist at Nomura explains that spot is higher. They maintain a bullish view. “Spot broke up through 20D SMA, suggesting further upside”. They explain that RSI has also moved higher off from very low levels, indicating upward momentum (and it has already reached a short-term low). “Bandwidth is flat indicating further range-bound trading. Our target is 0.8200 (just below upper Bollinger band)”.