26 Jul 2013
NZD/USD sliced through 0.8053 resistance. More upside coming?
FXstreet.com (Barcelona) - The NZD/USD continued to key off RBNZ’s hawkishness and the US Fed’s apparent dovishness as it sprinted past short-term resistance at 0.8053 Thursday.
New Zealand’s bankers’ hard line meets US bankers’ worries to give NZD/USD a turbo-boost
Wednesday night’s surprisingly hawkish comments out of the Reserve Bank of New Zealand met up with Thursday’s rumors of the US FOMC’s dovishness at next week’s policy meeting to rocket the NZD/USD cross right past “correction resistance” of 0.8053. The cross peaked out almost exactly at the next Fibonacci resistance level of 0.8111 before easing off the highs. The cross is hovering at around 0.80838 at 02:06 GMT.
NZD/USD key technical levels
Now that the NZD/USD conquered the short-term resistance at 0.8053, technicians say that more upside potential has been unlocked. As noted above, short-term resistance comes in at the Fibonacci projection at 0.8111 and is followed by another Fibonacci line at 0.8177. Short-term support for NZD/USD comes in at the breakout point of 0.8053 and is followed by the intraday low from Wednesday at 0.7904.
New Zealand’s bankers’ hard line meets US bankers’ worries to give NZD/USD a turbo-boost
Wednesday night’s surprisingly hawkish comments out of the Reserve Bank of New Zealand met up with Thursday’s rumors of the US FOMC’s dovishness at next week’s policy meeting to rocket the NZD/USD cross right past “correction resistance” of 0.8053. The cross peaked out almost exactly at the next Fibonacci resistance level of 0.8111 before easing off the highs. The cross is hovering at around 0.80838 at 02:06 GMT.
NZD/USD key technical levels
Now that the NZD/USD conquered the short-term resistance at 0.8053, technicians say that more upside potential has been unlocked. As noted above, short-term resistance comes in at the Fibonacci projection at 0.8111 and is followed by another Fibonacci line at 0.8177. Short-term support for NZD/USD comes in at the breakout point of 0.8053 and is followed by the intraday low from Wednesday at 0.7904.