NZDUSD Holds Robust Help

Daily Forex Technicals | Written by Admiral Markets | Jan 08 16 06:57 GMT

While 200-day SMA limited the NZDUSD upside during late-December, the pair currently holds 0.6600 – 0.6590 important support, including 100-day SMA, four-month old ascending trend-channel support & 23.6% Fibonacci Retracement of its April – September downside, favoring a bounce to 0.6700 immediate resistance. Though, pair’s further up-move beyond 0.6700 can again confront the 200-day SMA, also including the 38.2% Fibo, near 0.6810-30 area. Should the pair clears the 0.6830, the 0.6890 – 0.6900 area, followed by the 50% Fibo, near 0.6995, are likely consecutive resistances that the pair might find during its sustained advance prior to targeting the channel resistance, around 0.7120.

If the pair dips below 0.6590 on a closing basis, it can quickly be dragged down to 0.6430-25 and then to the September lows around 0.6250-40. Moreover, pair’s extended south-run below 0.6240 can make it vulnerable enough to drop below 0.6000 psychological magnet and test 61.8% FE of the said move, near 0.5960-50 area.

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Notes

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NZDUSD Holds Robust Help