11 Feb 2015
NZD/USD: Brief drive above 0.7440
FXStreet (Bali) - NZD/USD had a brief drive above 0.7440 resistance mid Asian session, tripping some light stops in the process, before a quick retracement towards 0.7430.
Should the upward momentum resume, Jim Langlands, Founder at FXCharts, notes that "above today’s 0.7439 high will find further sellers, nearby, at the strong 0.7448 level, which is the 4 Feb high and also strong Fibo resistance (38.2% of 0.7887/0.7175)."
If bears re-take control, it is expected that the short term target will be in the 0.74-0.7385 vicinity, where strong buying interest was found during the overlap of the last US-London session, with the daily S1 right underneath at 0.7377 today.
Should the upward momentum resume, Jim Langlands, Founder at FXCharts, notes that "above today’s 0.7439 high will find further sellers, nearby, at the strong 0.7448 level, which is the 4 Feb high and also strong Fibo resistance (38.2% of 0.7887/0.7175)."
If bears re-take control, it is expected that the short term target will be in the 0.74-0.7385 vicinity, where strong buying interest was found during the overlap of the last US-London session, with the daily S1 right underneath at 0.7377 today.