8 Apr 2015
NZD/USD: Selling rallies still favoured - FXCharts
FXStreet (Bali) - Today may be a consolidation day for NZD/USD, notes Jim Langlands, Founder at FXCharts, who still favours selling rallies as the core core plan.
Key Quotes
"The Kiwi headed steadily lower today, finishing the session on its lows at 0.7485 after an earlier high of 0.7560. Some of the weakness was most likely down to covering of short AudNzd positions after the RBA left rates on hold disappointing all the Kiwis who were heading out for their parity parties. The cross has bounce from the low of 1.0021 to currently sit at 1.0190 after a squeeze to a high of 1.0218."
"Today may be one of consolidation, although with the dailies pointing mildly lower, selling rallies remains the favoured plan. The downside points to watch are now at 0.7450 (minor) and then last week’s lows at 0.7390. I doubt that we head down there today, but if wrong, below 0.7390 there is little to support the Kiwi until 0.7270."
"The topside will find sellers at 0.7520 and 0.7530 (200/100 HMA’s) above which would head back towards 0.7560 and to 0.7600 but which seems unlikely for the time being."
Key Quotes
"The Kiwi headed steadily lower today, finishing the session on its lows at 0.7485 after an earlier high of 0.7560. Some of the weakness was most likely down to covering of short AudNzd positions after the RBA left rates on hold disappointing all the Kiwis who were heading out for their parity parties. The cross has bounce from the low of 1.0021 to currently sit at 1.0190 after a squeeze to a high of 1.0218."
"Today may be one of consolidation, although with the dailies pointing mildly lower, selling rallies remains the favoured plan. The downside points to watch are now at 0.7450 (minor) and then last week’s lows at 0.7390. I doubt that we head down there today, but if wrong, below 0.7390 there is little to support the Kiwi until 0.7270."
"The topside will find sellers at 0.7520 and 0.7530 (200/100 HMA’s) above which would head back towards 0.7560 and to 0.7600 but which seems unlikely for the time being."