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2 Aug 2013
NZD/USD resumes downside
FXstreet.com (London) - NZD/USD has dropped over a big figure from its highs 0.7935 post the NFP’s rally.
NZD/USD was subject to a wave of bullish key US data that was restoring faith back into Fed tapering this week and the pair was losing over 160 pips from Wednesday – Thursday (post a nervous FOMC) after finding a low of 0.7853, despite a buoyant night in equity and commodity markets. However the pair has walked to breach 0.7900 on two occasions today and finally smashed through the handle after a series of rejections previously. The pair rocketed through post the NFP’s disappointed but quickly reverted to the downside and dropped like a series of stones through supports to find a small bounce sub 0.7830. The pair now trades 0.7840/50 region.
NZD/USD downside bias and levels
With a current bias to the downside, trading below the pivot 0.7811, the 20 d ma is at 0.7911, 50d ma 0.7918 and 200d ma is at 0.8226. RSI (9) reads 43.21. Supports are ascending from 0.7730, 0.7794, 0.7830/40. Spot is currently 0.7840/50. Resistances are 0.7900, 0.7931, 0.7958, 0.7995 and 0.8016.
NZD/USD was subject to a wave of bullish key US data that was restoring faith back into Fed tapering this week and the pair was losing over 160 pips from Wednesday – Thursday (post a nervous FOMC) after finding a low of 0.7853, despite a buoyant night in equity and commodity markets. However the pair has walked to breach 0.7900 on two occasions today and finally smashed through the handle after a series of rejections previously. The pair rocketed through post the NFP’s disappointed but quickly reverted to the downside and dropped like a series of stones through supports to find a small bounce sub 0.7830. The pair now trades 0.7840/50 region.
NZD/USD downside bias and levels
With a current bias to the downside, trading below the pivot 0.7811, the 20 d ma is at 0.7911, 50d ma 0.7918 and 200d ma is at 0.8226. RSI (9) reads 43.21. Supports are ascending from 0.7730, 0.7794, 0.7830/40. Spot is currently 0.7840/50. Resistances are 0.7900, 0.7931, 0.7958, 0.7995 and 0.8016.