21 Nov 2013
Flash: NZD/USD immediate focus for move towards 0.8163 support - UOB
FXstreet.com (Barcelona) - Quek Ser Leang and Jimmy Koh, Technical Analysts at UOB note that the immediate focus for NZD/USD is for a move towards the strong support at 0.8163.
Key Quotes
“The high of 0.8407 earlier this week failed just below the key resistant at 0.8415. The sharp drop overnight is accompanied by Daily MACD ‘flipping’ back below 0 suggesting further weakness in the days ahead.”
“The immediate focus is for a move towards the strong support at 0.8163 where a break will likely lead to a quick move towards 0.8095. Short-term recovery will likely find strong resistant at 0.8360 but only a break above 0.8415 will nullify the bearish view.”
Key Quotes
“The high of 0.8407 earlier this week failed just below the key resistant at 0.8415. The sharp drop overnight is accompanied by Daily MACD ‘flipping’ back below 0 suggesting further weakness in the days ahead.”
“The immediate focus is for a move towards the strong support at 0.8163 where a break will likely lead to a quick move towards 0.8095. Short-term recovery will likely find strong resistant at 0.8360 but only a break above 0.8415 will nullify the bearish view.”