Commodity Currencies Weekly Technicals 19 March 2014

NZD/USD – Daily Chart

The rise above key resistance at .8527/85 has changed our forecast to a bullish one

NZD/USD has not only overcome the.8527/45 resistance area which is made up of the October highs but also rose above the 2011-14 resistance line at .8585 which is bullish.

We have therefore changed our view to a bullish one and now target the 2013 peak at .8678 in the first instance.

This high is likely to be bettered in the weeks ahead with the .8845 2011 peak then being in the picture and possibly
also the psychological .9000 region.

Immediate bullish upside pressure will be maintained while the currency pair trades above the five week support line at
.8492.

Major support can be seen at .8585/27 and minor support along the support line at .8492 and around the January
high at .8432 as well as at the .8394 mid-February high and then at the .8343 March 3 low. Only unexpected failure
there would alleviate current upside pressure.

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