Commodity Currencies Weekly Technicals 05 March 2014

NZD/USD – Daily Chart


Pushes hard into the .8428/37 resistance area which is likely to at least briefly give way


NZD/USD once again probes the .8428/37 resistance area which is made up of the September, January and February highs.

It is likely that it will at least briefly give way in the next few days with the .8500 region then likely to be revisited.

Further up lies the October peak at .8545 below which the currency pair will probably struggle again
Bullish upside pressure will be maintained while the currency pair trades above the 55 day moving average and the February 20 low at .8273/42.

Only unexpected failure there would change our short term outlook from neutral to bearish with the 200 day moving average, 2013-14 support line and the February low at .8051 then being in focus. Such a slip we do not expect to see, though, and instead short term upside pressure should be maintained.

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