Commodity Currencies Weekly Technicals 14 August 2013

NZD/USD – Daily Chart

An interim low was formed at .7693 but the July peak at .8107 hasn’t been reached – neutral

Last week NZD/USD hammered out a bottom at .7693 and has since risen to the 38.2% Fibonacci retracement of the April-to-June decline at .8063.
A rise above this level will push the next higher .8080/.8107 resistance area, made up of the five month resistance line and the July high, to the fore. There NZD/USD is expected to be capped, however, if reached at all that is.
We will retain our medium term bearish forecast while the currency pair stays below its .8139 June peak on a daily New York closing basis.
Our medium term downside target zone is still made up of the .7456/.7371 May 2012 low and November 2011 low. These remain our downside targets for the months to come but will only be back on the map once last week’s low at .7693 has been fallen through.
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