10 Jun 2013
Kiwi attempting bounce towards 0.7900
FXstreet.com (Barcelona) - After gapping down 59 pips to open the week at 0.7816, the Kiwi is attempting to recover some losses and is currently changing hands at 0.7848 (at one point trading as high as 0.7872).
From a technical perspective, the longer term technical picture still remains under the bearish influence of both short term moving averages and the RSI (14). Often times when these indicators are in agreement, it may help limit any type of advance in the pair as we progress through-out the week.
Initial resistance sits at 0.7872 (high of session), followed by 0.7902 (previous support, now resistance on daily chart). First support sits at 0.7815 (low of session), followed by 0.7761 (the 200 dma). In order to change the short term trend from bearish to neutral, the bulls would need too establish ground and build value above the 0.7990 level (the 9 dma).
From a technical perspective, the longer term technical picture still remains under the bearish influence of both short term moving averages and the RSI (14). Often times when these indicators are in agreement, it may help limit any type of advance in the pair as we progress through-out the week.
Initial resistance sits at 0.7872 (high of session), followed by 0.7902 (previous support, now resistance on daily chart). First support sits at 0.7815 (low of session), followed by 0.7761 (the 200 dma). In order to change the short term trend from bearish to neutral, the bulls would need too establish ground and build value above the 0.7990 level (the 9 dma).