Commodity Currencies Weekly Technicals 28 January 2014

NZD/USD – Daily Chart

Still oscillates between the .8408/37 resistance area and the .8213/.8084 support zone

NZD/USD’s rejection by the .8408/37 resistance area, made up of the September/November highs, has so far taken it to the .8198 level.
We expect to see further range trading between the above mentioned resistance area and the .8213/.8084 significant support zone in the week ahead and thus remain neutral.
In case of a daily close above .8437 being made, though, we will have to allow for the .8500 region and the October peak at .8545 to be revisited.
Were a fall through the .8213/.8084 support area to be seen, we would turn bearish, though.
In this scenario the psychological .8000 region will be back in the picture.
For now we retain our neutral outlook.
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