1 Dec 2014
NZD/USD running into overbought territory
FXStreet (Guatemala) - NZD/USD is trading at 0.7896, up 0.73% on the day, having posted a daily high at 0.7913 and low at 0.7777.
NZD/USD, as with the rest of the commodity currencies, had started to recover losses and has progressed to find the 0.79 handle yet again. The NZD held up the strongest to the greenback of the three major commodity currencies that included the AUD and CAD.
At 0.7900, the pair is back into neutral territory but remains within familiar ranges leading into key stages of the year-end, with Nonfarm payrolls ahead, the RBNZ and FOMC in the first half of the month.
NZD/USD may be limited on the upside, now entering overbought territory and resistance beyond local levels, such as 0.7940 (the top of the right hand bearish shoulder of the head and shoulders), 0.7960 (double top), would come in key at the psychological 0.80 handle and October highs. Fundamentals such as global milk prices may also continue to weigh on the bird and contain the unit’s price within the local ranges into year end.
NZD/USD, as with the rest of the commodity currencies, had started to recover losses and has progressed to find the 0.79 handle yet again. The NZD held up the strongest to the greenback of the three major commodity currencies that included the AUD and CAD.
At 0.7900, the pair is back into neutral territory but remains within familiar ranges leading into key stages of the year-end, with Nonfarm payrolls ahead, the RBNZ and FOMC in the first half of the month.
NZD/USD may be limited on the upside, now entering overbought territory and resistance beyond local levels, such as 0.7940 (the top of the right hand bearish shoulder of the head and shoulders), 0.7960 (double top), would come in key at the psychological 0.80 handle and October highs. Fundamentals such as global milk prices may also continue to weigh on the bird and contain the unit’s price within the local ranges into year end.