9 Aug 2013
NZD/USD forging ground around 0.80 zone?
FXstreet.com (Chicago) - NZD/USD partially erased earlier gains as it declined in three trends series until reaching 0.80 zone for potential uphill reversal.
Price action indicated a strong climb shortly after the release of US job market data that failed to meet expectations. Once the pair reached 0.8047 highs it retraced throughout the afternoon of the session until finding potential grounds at 0.80. Up 0.69% so far for the day yet down 0.02% this past hour, the FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis. Mixed volume indicators such as the Momentum indicator pointing up but the CCI indicator pointing down evidenced inconclusive support consolidation around 0.80, zone where the pair traded.
On the downside, supports were set at 0.7989 (July 19th highs), 0.7969 (August 7th lows) ahead of 0.7946 (July 22nd highs) and resistances were aligned at 0.8010 (July 23rd highs), 0.8037 (July 30th highs) and 0.8054 (July 29th lows).
Price action indicated a strong climb shortly after the release of US job market data that failed to meet expectations. Once the pair reached 0.8047 highs it retraced throughout the afternoon of the session until finding potential grounds at 0.80. Up 0.69% so far for the day yet down 0.02% this past hour, the FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis. Mixed volume indicators such as the Momentum indicator pointing up but the CCI indicator pointing down evidenced inconclusive support consolidation around 0.80, zone where the pair traded.
On the downside, supports were set at 0.7989 (July 19th highs), 0.7969 (August 7th lows) ahead of 0.7946 (July 22nd highs) and resistances were aligned at 0.8010 (July 23rd highs), 0.8037 (July 30th highs) and 0.8054 (July 29th lows).