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15 Aug 2013
NZD/USD primed for big gains?
FXstreet.com (New York) - The NZD/USD foreign exchange rate has largely kept its recent strength intact, refusing to relinquish its steadfast gains from yesterday after peaking at 0.8041.
NZD/USD technical levels
The NZD/USD is currently trading at 0.8025 (50-day SMA), virtually unchanged off its opening during Asian trading. Technically speaking, the NZD/USD remains insulated by supports at 0.8021 (55-day MA), ahead of 0.8008 (August 12 low), and 0.7986 (August 7 high). Conversely, resistances lie ahead at 0.8038 (August 8 high), onto 0.8055 (August 9 high).
NZD/USD strategic bias
According to Christopher Romano at Reuters, “The NZD/USD may be in for big gains pending a close above the key 55-week MA. The rebound off the l-t bull channel base (0.7670) last week suffered a minor setback earlier this week. The dip didn't last long though as the slide failed at the 10 & 21 DMAs & a long lower wick on the weekly candle suggests dip buyers are lurking. Daily RSI has resumed its bullish bias & the weekly looks set to do the same. A break of 0.8100/05 shows a clear path to 0.8195/0.8215 (55 WMA, May 21 high) resistance.”
NZD/USD technical levels
The NZD/USD is currently trading at 0.8025 (50-day SMA), virtually unchanged off its opening during Asian trading. Technically speaking, the NZD/USD remains insulated by supports at 0.8021 (55-day MA), ahead of 0.8008 (August 12 low), and 0.7986 (August 7 high). Conversely, resistances lie ahead at 0.8038 (August 8 high), onto 0.8055 (August 9 high).
NZD/USD strategic bias
According to Christopher Romano at Reuters, “The NZD/USD may be in for big gains pending a close above the key 55-week MA. The rebound off the l-t bull channel base (0.7670) last week suffered a minor setback earlier this week. The dip didn't last long though as the slide failed at the 10 & 21 DMAs & a long lower wick on the weekly candle suggests dip buyers are lurking. Daily RSI has resumed its bullish bias & the weekly looks set to do the same. A break of 0.8100/05 shows a clear path to 0.8195/0.8215 (55 WMA, May 21 high) resistance.”