7 Apr 2014
NZD/USD starts week below 0.8600
FXStreet (Córdoba) - The NZD/USD started the week under the 0.8600 but continues within a trading range in the short term with support at 0.8575 and resistance around 0.8605.
Last week the NZD/USD posted the first weekly loss after rising in the previous five. On Friday trimmed losses following the release of the US employment report that pushed the price from 0.8550 to 0.8604.
Despite moving sharply to the upside on Friday, Jim Langlands from FX Charts affirms that the daily chart still point lower. “ I would not be getting too carried away on the topside, but the intraday indicators look positive for a potential test of the 200 HMA at 0.8615 and possibly a bit higher”.
Langlands notes that the initial support lies at 0.8570/75, “below which would suggest a run back towards last weeks low of 0.8513.
Last week the NZD/USD posted the first weekly loss after rising in the previous five. On Friday trimmed losses following the release of the US employment report that pushed the price from 0.8550 to 0.8604.
Despite moving sharply to the upside on Friday, Jim Langlands from FX Charts affirms that the daily chart still point lower. “ I would not be getting too carried away on the topside, but the intraday indicators look positive for a potential test of the 200 HMA at 0.8615 and possibly a bit higher”.
Langlands notes that the initial support lies at 0.8570/75, “below which would suggest a run back towards last weeks low of 0.8513.