Forex Flash: NZD/USD potential upside to 0.8842 – Danske Bank

FXstreet.com (Barcelona) - The kiwi dollar is navigating in the mid 0.8300s at the end of the trading week, following the rest of the risk-associated assets and the comm-bloc currencies to the red territory.

“The technical structure for NZD/USD remains bullish and further gains are anticipated in due course… The recent decline off the 14 December 2012 high at 0.8477 reached 0.8156… before buyers returned to drive prices higher once again. The rebound highlights eight-month channel... and maintains the series of higher lows from this point…The 50,100 and 200-day moving averages are also positively aligned and turning higher, adding to the positive outlook”, explains Senior Analyst A.Lohman Rasmussen at Danske Bank.

The expert adds that a surpass of 0.8462/77 would quickly reach 0.8495, ahead of interim targets at 0.8572 and 0.8677, ahead of August’s top at 0.8842

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