Commodity Currencies Weekly Technicals 30 October 2013

NZD/USD – Daily Chart


Probes the significant .8232/.8106 support zone where it is likely to level out this week


NZD/USD continues to come off the .8500 region and currently probes the .8232/.8106 significant support zone. It is where the October lows, 200 day moving average and the August peak as well as the July high are to be found. Here the currency pair should level out in the days to come.

Only a drop through and daily close below the .8106 level will point to a reversal being formed with the .7800/.7683 region then being back in the picture.

Minor resistance can be seen around the .8352 early October high and more important resistance at the .8437 September peak.

In case of an unexpected rise above the current October high at .8545 being seen, the .8588 late April high and the 2011-13 resistance line at .8623 could also be reached. This we do not expect to happen at the moment, though.

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