31 Jul 2013
NZD/USD holding above 0.7950 while capped below 0.80
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at 0.7979 , off fresh session and 4-day lows at 0.7948 printed ahead of NZ ANZ Business confidence data, that showed mixed results with confidence higher than expected but activity lower.
NZD/USD pointing lower
“The dailies looks as though they may be in the process of rolling over and given that the 4 hour charts are also pointing lower, 0.7945 could soon come under pressure, beyond which would see a decline towards 0.7895 (50%),” said FX Charts analyst Jim Langlands. According to IFRMarkets, “macro-based selling emerged mid-morning to take the rate through the base of its range and onto a fresh session and weeks’ low of 0.7950.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at July 17 highs/July 23 lows 0.7952/42, followed by July 24 lows at 0.7904, and July 22 lows at 0.7878. To the upside, closest resistance shows at recent session highs 0.7999, followed by Monday's lows at 0.8010, and yesterday's highs at 0.8040.
NZD/USD pointing lower
“The dailies looks as though they may be in the process of rolling over and given that the 4 hour charts are also pointing lower, 0.7945 could soon come under pressure, beyond which would see a decline towards 0.7895 (50%),” said FX Charts analyst Jim Langlands. According to IFRMarkets, “macro-based selling emerged mid-morning to take the rate through the base of its range and onto a fresh session and weeks’ low of 0.7950.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at July 17 highs/July 23 lows 0.7952/42, followed by July 24 lows at 0.7904, and July 22 lows at 0.7878. To the upside, closest resistance shows at recent session highs 0.7999, followed by Monday's lows at 0.8010, and yesterday's highs at 0.8040.