Commodity Currencies Weekly Technicals 27 November 2013 |
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NZD/USD is once again trading within the .8232/.8164 significant support zone, made up of the October 10 low, 38.2% and 50% Fibonacci retracements, 200 day moving average and the July peak.
Once a drop through the July peak at .8106 has been seen, our forecast of a reversal lower being formed will be confirmed.
In this case the psychological .8000 zone and then the .7873/.7683 region (200 week moving average and the June to August lows) will be back in the picture.
We will retain our view of a top being formed as long as NZD/USD stays below the .8408/16 current November highs.
Resistance below this area can be seen along the 55 day moving average at .8304 and the channel resistance line at .8361.
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