28 Apr 2014
NZD/USD heading towards .86 as 0.8550 holds
FXStreet (Bali) - NZD/USD is currently trading at 0.8585, boosted by Tokyo, with the rate recovering off 0.8567 lows.
The pair, which has been recently confronted by strong waves of selling interest aiming for a breakout of .8550 support, has so far been able to hold its ground, with the next target for bulls now eyed at 0.86.
According to Jim Langlands, Founder at FXCharts: "The dailies suggest that corrections lower could continue and we need to hold on to support at around 0.8530, – where a head shoulder neckline appears to be building, – in order to avoid a steeper decline towards Fibo support at 0.8500 (23.6% of 0.7718/0.8743)and possibly to as low as 0.8385 (100 DMA) and even 0.8350 (HS objective)."
The pair, which has been recently confronted by strong waves of selling interest aiming for a breakout of .8550 support, has so far been able to hold its ground, with the next target for bulls now eyed at 0.86.
According to Jim Langlands, Founder at FXCharts: "The dailies suggest that corrections lower could continue and we need to hold on to support at around 0.8530, – where a head shoulder neckline appears to be building, – in order to avoid a steeper decline towards Fibo support at 0.8500 (23.6% of 0.7718/0.8743)and possibly to as low as 0.8385 (100 DMA) and even 0.8350 (HS objective)."