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2 Oct 2013
NZD/USD comfortably glued to 0.8270 support?
FXstreet.com (Chicago) - NZD/USD trades right on the 23.6% Fibonacci level (from last September 1st reversal day) and stays glued to immediate support at 0.8270 after failed attempts to break above the 0.8350 zone.
NZD/USD Technical Levels
Offered at 0.8274, the pair navigates between supports aligned at 0.8270 (September 25th highs), 0.8245 (September 17th highs) ahead of 0.82 (September 18th lows) and the resistances set at 0.8319 (September 26th highs), 0.8350 (September 19th lows) followed by 0.8390 (September 23rd highs). Primary and secondary trends point down while the 0.8350 resistance (February 30th highs, October 2nd and September 11th 2012 highs) blocks bulls’ advancements.
Ivan Delgado, trader and Head of Asian Editors at FXstreet.com, notes “the pair is in consolidation mode between 0.8220 and 0.8340. The sharp sell-off on Sept 23 has certainly damaged the bullish outlook short term, with a recovery above 0.8350 required to stimulate an uptrend resumption. On the downside, break below 0.8220 opens up 0.8150 - Sept 16 swing low.”
NZD/USD Technical Levels
Offered at 0.8274, the pair navigates between supports aligned at 0.8270 (September 25th highs), 0.8245 (September 17th highs) ahead of 0.82 (September 18th lows) and the resistances set at 0.8319 (September 26th highs), 0.8350 (September 19th lows) followed by 0.8390 (September 23rd highs). Primary and secondary trends point down while the 0.8350 resistance (February 30th highs, October 2nd and September 11th 2012 highs) blocks bulls’ advancements.
Ivan Delgado, trader and Head of Asian Editors at FXstreet.com, notes “the pair is in consolidation mode between 0.8220 and 0.8340. The sharp sell-off on Sept 23 has certainly damaged the bullish outlook short term, with a recovery above 0.8350 required to stimulate an uptrend resumption. On the downside, break below 0.8220 opens up 0.8150 - Sept 16 swing low.”