13 Nov 2013
NZD/USD barely held Tuesday above the neckline of a Head & Shoulders formation at 0.8192
FXstreet.com (Barcelona) - The NZD/USD flirted with disaster intraday Tuesday but managed to close back above critical “neckline” support at 0.8192.
NZD/USD traders to focus on RBNZ’s Wheeler in a few hours
The NZD/USD cross is reacting currently to the Reserve Bank of New Zealand’s Financial Stability Report where they made it clear that despite the Kiwi’s recent decline that they felt it was still at an “elevated” level. Later Wednesday, the NZD/USD trading cabal will be listening intently to what the RBNZ’s Governor Wheeler has to say in a speech scheduled for around 90 minutes from now.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD may still be in the early stages of the “c” wave of an “abc” correction higher. The upside target for this wave is approximately 0.8400 using Elliott Wave measuring techniques. Initial support comes in at Friday’s low of 0.8235 and is followed by the 10/30 low of 0.8191.
NZD/USD traders to focus on RBNZ’s Wheeler in a few hours
The NZD/USD cross is reacting currently to the Reserve Bank of New Zealand’s Financial Stability Report where they made it clear that despite the Kiwi’s recent decline that they felt it was still at an “elevated” level. Later Wednesday, the NZD/USD trading cabal will be listening intently to what the RBNZ’s Governor Wheeler has to say in a speech scheduled for around 90 minutes from now.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD may still be in the early stages of the “c” wave of an “abc” correction higher. The upside target for this wave is approximately 0.8400 using Elliott Wave measuring techniques. Initial support comes in at Friday’s low of 0.8235 and is followed by the 10/30 low of 0.8191.