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5 Jun 2013
NZD/USD dips further, around 0.7945/50
FXstreet.com (Barcelona) - The kiwi dollar is giving back its weekly gains so far, now hovering over the mid 079s after hitting highs above 0.8060 overnight.
According to I.Spivak, Currency Strategist at DailyFX, “Prices put in a Bullish Engulfing candlestick patter above major support at a rising trend line set from June 2009, hinting a move higher is ahead. Initial resistance is at 0.8112, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 0.8219. Trend line support is now at 0.7893”.
The NZD/USD is now retreating 0.90% at 0.7946 facing the immediate support at 0.7937 (low May 31) ahead of 0.7922 (61.8% of 0.7456-0.8670) and finally 0.7915 (low Sep.5 2012). On the flip side, a surpass of 0.8061 (high Jun.5) would open the door to 0.8072 (MA10d) en route to 0.8111 (23.6% of 0.8676-0.7937).
According to I.Spivak, Currency Strategist at DailyFX, “Prices put in a Bullish Engulfing candlestick patter above major support at a rising trend line set from June 2009, hinting a move higher is ahead. Initial resistance is at 0.8112, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 0.8219. Trend line support is now at 0.7893”.
The NZD/USD is now retreating 0.90% at 0.7946 facing the immediate support at 0.7937 (low May 31) ahead of 0.7922 (61.8% of 0.7456-0.8670) and finally 0.7915 (low Sep.5 2012). On the flip side, a surpass of 0.8061 (high Jun.5) would open the door to 0.8072 (MA10d) en route to 0.8111 (23.6% of 0.8676-0.7937).