6 Nov 2013
NZD/USD cruising towards 0.84, 61.8% fibo eyed
FXstreet.com (Barcelona) - Following stronger-than-expected labour numbers in New Zealand,the Kiwi has been on a steady rise throughout the Asian session, currently nearing 0.84, highest since Oct 24.
The mix of bids found at every sequence of higher layers in the chart, coupled with selling conviction vanishing, leading to shorts from the latest 0.85+ to 0.8190 leg to bail out from their positions too, has produced a full 1 cent rally since the NZ jobs data.
Jim Langlands, Founder of FX Charts, notes: "Short term momentum remains positive and if we can make further progress then we can expect to see a run towards 0.8408 (61.8% of 0.8543/0.8191). Beyond potentially sees a run to the 24 Oct high of 0.8442."
The mix of bids found at every sequence of higher layers in the chart, coupled with selling conviction vanishing, leading to shorts from the latest 0.85+ to 0.8190 leg to bail out from their positions too, has produced a full 1 cent rally since the NZ jobs data.
Jim Langlands, Founder of FX Charts, notes: "Short term momentum remains positive and if we can make further progress then we can expect to see a run towards 0.8408 (61.8% of 0.8543/0.8191). Beyond potentially sees a run to the 24 Oct high of 0.8442."