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10 Apr 2013
Forex: NZD/USD trading near session highs at 0.8550/54
FXstreet.com (Barcelona) - The kiwi bonanza has continued Wednesday, with the NZD/USD cross notching fresh highs during European trading at the 0.8554 level in recent minutes. With the pair already building off a strong performance earlier this week, the NZD/USD has now advanced a further +0.28% at the time of writing.
In these moments the cross is now testing calculated resistance at the 0.8552 level, while a break higher will lead to additional measures at 0.8579 onto 0.8623. Meanwhile, a break lower will activate supports at 0.8481, ahead of 0.8437, and finally 0.8410.
“The NZDUSD held a position above the uptrend's key support, and with positivity reflected by Linear Regression Indicators, we see ourselves ahead of a potential extension to the uptrend. However, due to overbought signals showing on momentum indicators, we believe stability above 0.8450 is necessary so that the pair wouldn't be affected by those signals.” notes the ICN.com analyst team.
In these moments the cross is now testing calculated resistance at the 0.8552 level, while a break higher will lead to additional measures at 0.8579 onto 0.8623. Meanwhile, a break lower will activate supports at 0.8481, ahead of 0.8437, and finally 0.8410.
“The NZDUSD held a position above the uptrend's key support, and with positivity reflected by Linear Regression Indicators, we see ourselves ahead of a potential extension to the uptrend. However, due to overbought signals showing on momentum indicators, we believe stability above 0.8450 is necessary so that the pair wouldn't be affected by those signals.” notes the ICN.com analyst team.