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12 Mar 2015
NZD/USD downtrend ending? – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team gives the key technical levels and outlook for NZD/USD, noting that the downtrend for the pair might be near to an end, with the strong support at 0.7202 expected to hold any downslide.
Key Quotes
“After touching the resistance line at 0.8821 in the middle of July, the NZD experienced a steep decline versus the USD until the pair declined to the support level of 0.7202 which was strong enough and prevented the NZD from further losses.”
“Since then we saw mainly a upward movement slightly above the mentioned support level until the pair rebounded.”
“According to the indicators however, the mentioned downward movement may come to an end since the support at 0.7202 seems to be too hard to break.”
“Support Levels around 0.7202”
“Resistance Levels around 0.7523, 0.7973, 0.8821”
Key Quotes
“After touching the resistance line at 0.8821 in the middle of July, the NZD experienced a steep decline versus the USD until the pair declined to the support level of 0.7202 which was strong enough and prevented the NZD from further losses.”
“Since then we saw mainly a upward movement slightly above the mentioned support level until the pair rebounded.”
“According to the indicators however, the mentioned downward movement may come to an end since the support at 0.7202 seems to be too hard to break.”
“Support Levels around 0.7202”
“Resistance Levels around 0.7523, 0.7973, 0.8821”