6 Jun 2013
NZD/USD recovery capped at 0.7987 region
FXstreet.com (Barcelona) - The NZD/USD recovery rally has been capped at the 0.7987 level (intraday high) Thursday, whereby the pair turned lower, extending its losses.
At the time of writing, the NZD/USD foreign exchange rate is operating at 0.7951/58, incurring a loss of -0.20% during European trading. Technically speaking, the pair is slated to face support at 0.7888, then 0.7840, and finally 0.7754. Conversely, a movement higher will eventually test resistances at 0.8022, followed by 0.8108, and 0.8156.
According to the Technical Analyst Team at ICN.com, “The NZD/USD pair is facing an evident negative bias after having failed to consolidate above 0.8065 at an earlier time. Moreover, the NZD/USD is reflecting the extreme influence it received after rebounding downside from linear regression indicators 55 therefore, we maintain our negative expectation – we believe it is attempting to test 0.7920, or 61.8% Fibonacci.”
At the time of writing, the NZD/USD foreign exchange rate is operating at 0.7951/58, incurring a loss of -0.20% during European trading. Technically speaking, the pair is slated to face support at 0.7888, then 0.7840, and finally 0.7754. Conversely, a movement higher will eventually test resistances at 0.8022, followed by 0.8108, and 0.8156.
According to the Technical Analyst Team at ICN.com, “The NZD/USD pair is facing an evident negative bias after having failed to consolidate above 0.8065 at an earlier time. Moreover, the NZD/USD is reflecting the extreme influence it received after rebounding downside from linear regression indicators 55 therefore, we maintain our negative expectation – we believe it is attempting to test 0.7920, or 61.8% Fibonacci.”