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19 Feb 2013
Forex: NZD/USD slips to session lows, holds above 0.84
NZD/USD has recently broken to the downside on no news yet to be reported as ForeLive noted moments ago, last trading at 0.8420, off fresh session and 3-day lows at 0.8402, down so far -0.34% for the week. Kiwi has been sold across the board, also against AUD, pushing AUD/NZD to fresh 2-day highs at 1.2280, following RBA minutes.
Gold and Oil are slightly higher for the week at this moment, while local share markets show a mixed picture, with small advances and declines across the region, Nikkei index down -0.13% while Aussie ASX up +0.18%. According to FXTimes analyst Fan Yang, NZD/USD is currently around a rising trendline in the H1 chart, noting: “If the market slides below 0.8415, it will also break the trendline, and possibly open up a bearish scenario toward 0.83-0.8305. This scenario probably needs further confirmation such as breaking below 0.84, which is where the 200-hour SMA, and a previous consolidation support level resides,” the analyst says.
Immediate support to the downside for NZD/USD lies at recent session/3-day lows 0.8402, followed by Feb 13 lows/Feb 08 highs at 0.8389/92, and Feb 11 highs at 0.8379. To the upside, closest resistance shows at Thursday's lows 0.8449, followed by recent session/weekly highs at 0.8464, and Friday's fresh 16-month highs at 0.8534.
Gold and Oil are slightly higher for the week at this moment, while local share markets show a mixed picture, with small advances and declines across the region, Nikkei index down -0.13% while Aussie ASX up +0.18%. According to FXTimes analyst Fan Yang, NZD/USD is currently around a rising trendline in the H1 chart, noting: “If the market slides below 0.8415, it will also break the trendline, and possibly open up a bearish scenario toward 0.83-0.8305. This scenario probably needs further confirmation such as breaking below 0.84, which is where the 200-hour SMA, and a previous consolidation support level resides,” the analyst says.
Immediate support to the downside for NZD/USD lies at recent session/3-day lows 0.8402, followed by Feb 13 lows/Feb 08 highs at 0.8389/92, and Feb 11 highs at 0.8379. To the upside, closest resistance shows at Thursday's lows 0.8449, followed by recent session/weekly highs at 0.8464, and Friday's fresh 16-month highs at 0.8534.