15 Apr 2014
NZD/USD retreats from 0.8700
FXStreet (Córdoba) - The NZD/USD moved sideways below 0.8700 after Wall Street closing but recently broke below 0.8675 and fell to 0.8662 reaching a fresh daily low. Currently trades at 0.8672, 10 pips lower for the day so far. The US dollar is rising moderately so far on Tuesday versus commodity currencies.
Technical outlook for the NZD/USD
According to Jim Langlands, from FX Charts the area 0.8700/05 will be a tough hurdle to break. “I don’t expect to see a retest of last week’s high of 0.8745 over the next couple of days. If wrong, then above here would see a run towards 0.8800 and the July 2011 high of 8842”.
To the downside, Langlands notes that the NZD/USD is unlikely to break below 0.8630 today, but if happens, price could be headed toward 0.8600.
Technical outlook for the NZD/USD
According to Jim Langlands, from FX Charts the area 0.8700/05 will be a tough hurdle to break. “I don’t expect to see a retest of last week’s high of 0.8745 over the next couple of days. If wrong, then above here would see a run towards 0.8800 and the July 2011 high of 8842”.
To the downside, Langlands notes that the NZD/USD is unlikely to break below 0.8630 today, but if happens, price could be headed toward 0.8600.