9 Apr 2015
NZD/USD might make a move lower towards 0.7314 – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, notes that NZD/USD might eye the lows at 0.7314 as long as the resistance in the 0.7683/0.7721 area caps its upside.
Key Quotes
“The bounce in NZD/USD off its March low at .7191 took it to its March high at .7697, to right within the .7683/.7721 resistance zone, where it failed as expected. This resistance area is made up of the June and August 2013 lows as well as the September, November, December and early January lows. It should continue to cap.”
“While it does the current April low at .7391 will be in focus, a slip through which would eye the February 12 low at .7314. If this level and the next lower March 18 low at .7274 were to also give way, the February and March lows as well as the March 2007 low at .7191/16 would be back in the picture.”
“While NZD/USD oscillates between its recent .7697/.7176 extremes we will retain a neutral view.”
“An unexpected rise above .7721 would lead to the January high and 200 day moving average at .7891 and at .7907 to be targeted.”
Key Quotes
“The bounce in NZD/USD off its March low at .7191 took it to its March high at .7697, to right within the .7683/.7721 resistance zone, where it failed as expected. This resistance area is made up of the June and August 2013 lows as well as the September, November, December and early January lows. It should continue to cap.”
“While it does the current April low at .7391 will be in focus, a slip through which would eye the February 12 low at .7314. If this level and the next lower March 18 low at .7274 were to also give way, the February and March lows as well as the March 2007 low at .7191/16 would be back in the picture.”
“While NZD/USD oscillates between its recent .7697/.7176 extremes we will retain a neutral view.”
“An unexpected rise above .7721 would lead to the January high and 200 day moving average at .7891 and at .7907 to be targeted.”