Commodity Currencies Weekly Technicals 28 August 2013

NZD/USD – Daily Chart

Continues to slide towards the .7699/61 support zone which should eventually give way

NZD/USD continues to come off its.8164 current August high and is still declining towards the .7699/61 support area. It contains the three month and 2011-13 support line and several daily lows seen since June. This support area is expected to hold for a few days when reached.

Once fallen through, our medium term downside target zone, made up of the .7456/.7371 May 2012 low and November 2011 low, will be in focus. It will remain our downside target for the months to come but will only be properly back on the map once the June low at .7683 has been fallen through.
Minor resistance above the 55 day moving average at .7899 and the 50% retracement at .7923 comes in around the 38.2% Fibonacci retracement at .7980. More significant resistance can be seen at the July and current August highs at .8107/64. While trading below the latter, our bearish view will be maintained.
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