11 Jun 2013
NZD/USD continues bear trend
FXstreet.com (London) - The NZD/USD is continuing its bear trend, trading below the pivot, having gapped lower on Friday after a positive NFP’s report.
A Light Calendar
The calendar is light for the pair today, although we have Newzeland electronic card retails sales and housing stats that will be appearing overnight.
Technically highly bearish
MA’s are all in negative territory, except the 200 ma that offers a buy signal at 0.7760. ICN.com analyst teams note that the NZD/USD has broken and stabilized below a 61.8% correction, according to Fibonacci retracements. They suggested that it could be a reason for a downtrend all the way to 78.6% correction at around 0.7715, perhaps even farther to 0.7590 later on. Trading below 0.7925 nurtures the negative outlook throughout the week. They suggest that the trading range expected this week is between the key support at 0.7590 and the key resistance 0.8065, adding that the short-term trend is downside targeting 0.7715 if 0.8400 remains intact.
A Light Calendar
The calendar is light for the pair today, although we have Newzeland electronic card retails sales and housing stats that will be appearing overnight.
Technically highly bearish
MA’s are all in negative territory, except the 200 ma that offers a buy signal at 0.7760. ICN.com analyst teams note that the NZD/USD has broken and stabilized below a 61.8% correction, according to Fibonacci retracements. They suggested that it could be a reason for a downtrend all the way to 78.6% correction at around 0.7715, perhaps even farther to 0.7590 later on. Trading below 0.7925 nurtures the negative outlook throughout the week. They suggest that the trading range expected this week is between the key support at 0.7590 and the key resistance 0.8065, adding that the short-term trend is downside targeting 0.7715 if 0.8400 remains intact.