13 Nov 2013
NZD/USD taking off; consolidated bounce from 0.8195 session lows
FXstreet.com (Chicago) - NZD/USD keeps climbing after bouncing off 0.8195 session lows.
Price action reveals the pair stalls on corrective move after pulling of a haul to the bearish channel that started last November 5th. NZ data released revealed a decent banking system with enough capital to meet requirements.
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8214 and oscillates between the supports aligned at 0.82 (October 31st lows), 0.8140 (August 18th highs) ahead of 0.81 (August 13th highs) and the resistances set at 0.8270 (October 6th lows), 0.8313 (October 31st highs) followed by 0.8255 (October 11th highs). According to Jim Langlands from FXcharts “there is not too much to say on the Kiwi today, although it looks very precarious as it hangs on above the neckline of what appears to be a large head/shoulder formation. If that is the case, a break of the neckline at 0.8190 would hint at an eventual decline towards a target of around 0.7850.”
Price action reveals the pair stalls on corrective move after pulling of a haul to the bearish channel that started last November 5th. NZ data released revealed a decent banking system with enough capital to meet requirements.
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8214 and oscillates between the supports aligned at 0.82 (October 31st lows), 0.8140 (August 18th highs) ahead of 0.81 (August 13th highs) and the resistances set at 0.8270 (October 6th lows), 0.8313 (October 31st highs) followed by 0.8255 (October 11th highs). According to Jim Langlands from FXcharts “there is not too much to say on the Kiwi today, although it looks very precarious as it hangs on above the neckline of what appears to be a large head/shoulder formation. If that is the case, a break of the neckline at 0.8190 would hint at an eventual decline towards a target of around 0.7850.”