5 Nov 2013
NZD/USD: offers above 0.83 keep upside limited
FXstreet.com (Barcelona) - NZD/USD continues to whipsaw, with the upward intraday bias off 0.8230 support losing some steam above 0.83 round number, where the pair saw offers outweighing bids for a comeback towards present level at 0.8275.
NZD/USD technical analysis
Technically speaking, Jim Langlands, Currency Analyst and Founder at FXCharts, notes: "We may get another run higher – especially if the Aud squeezes up, and the points to watch are at 0.8315 and then 0.8325 (38.2% of 0.8543/0.8191) and 0.8365 (50%). If seen though, I still suspect that these are sell opportunities given the steeply declining daily oscillators."
On the downside, NZD/USD should see buying interest re-emerge, according to Langlands, "at 0.8230 (38.2% of 0.7719/0.8543) below which would again target 0.8200 and potentially the 200 DMA at 0.8178." Overall, the Langlands believes that a choppy day lies ahead, "with a view of selling the NZD somewhere above 0.8315/25 for an eventual return to the downside", he added.
NZD/USD technical analysis
Technically speaking, Jim Langlands, Currency Analyst and Founder at FXCharts, notes: "We may get another run higher – especially if the Aud squeezes up, and the points to watch are at 0.8315 and then 0.8325 (38.2% of 0.8543/0.8191) and 0.8365 (50%). If seen though, I still suspect that these are sell opportunities given the steeply declining daily oscillators."
On the downside, NZD/USD should see buying interest re-emerge, according to Langlands, "at 0.8230 (38.2% of 0.7719/0.8543) below which would again target 0.8200 and potentially the 200 DMA at 0.8178." Overall, the Langlands believes that a choppy day lies ahead, "with a view of selling the NZD somewhere above 0.8315/25 for an eventual return to the downside", he added.