12 Jan 2015
NZD/USD trips stops above 0.7850
FXStreet (Bali) - NZD/USD saw an early surge towards 0.7863, tripping some stops above the 0.7845/50 resistance, before giving up the level.
Last week, the Kiwi was the best performing currency, netting over +2.0%, with the Australian Dollar also having a stellar late week performance, as traders re-adjust positions towards yield/carry plays. With no economic indicators in New Zealand today, there should be subdued interest in NZD.
Technically, Jim Langlands, Founder at FXCharts, notes: "A break above 0.7850 could see an acceleration higher, which could take us on to the cloud top at 0.7900 and the 100 DMA at 0.7920. A return to the downside would see bids at the minor rising trend support at 0.7800, below which the crossing 100/200 HMA’s at around 0.7770 would see bids."
Last week, the Kiwi was the best performing currency, netting over +2.0%, with the Australian Dollar also having a stellar late week performance, as traders re-adjust positions towards yield/carry plays. With no economic indicators in New Zealand today, there should be subdued interest in NZD.
Technically, Jim Langlands, Founder at FXCharts, notes: "A break above 0.7850 could see an acceleration higher, which could take us on to the cloud top at 0.7900 and the 100 DMA at 0.7920. A return to the downside would see bids at the minor rising trend support at 0.7800, below which the crossing 100/200 HMA’s at around 0.7770 would see bids."