FXstreet.com (Barcelona) - Commerzbank analysts believe the NZD/USD might have ended a minor corrective move higher at 0.8146 (Tuesday high), now declining towards 0.8059/37 (March low, mid-July high and current August low).
“The three month uptrend channel support line, 55- and 200-day moving averages at 0.7993/78 thus remain in focus”, wrote analyst Axel Rudolph, expecting support there, but failure would lead to 0.7808 (July low). Failure again would “mean that a medium term top has been formed and that a drop back towards the 0.7458 June low is underway”, added Rudolph.
Resistance is at 0.8120 (April low), 0.8146 (Tuesday’s high) and 0.8224 (August peak). “Were this to unexpectedly be surpassed, the 0.8319 April high would be eyed and then the 0.8473 2012 high, concluded the analyst.
“The three month uptrend channel support line, 55- and 200-day moving averages at 0.7993/78 thus remain in focus”, wrote analyst Axel Rudolph, expecting support there, but failure would lead to 0.7808 (July low). Failure again would “mean that a medium term top has been formed and that a drop back towards the 0.7458 June low is underway”, added Rudolph.
Resistance is at 0.8120 (April low), 0.8146 (Tuesday’s high) and 0.8224 (August peak). “Were this to unexpectedly be surpassed, the 0.8319 April high would be eyed and then the 0.8473 2012 high, concluded the analyst.
