Back
14 May 2015
NZD/USD downtrend to end? – Varengold
FXStreet (Barcelona) - According to the Varengold Bank Research Team, the recent sideways movement seen in NZD/USD suggests the downtrend seen from 0.8821 is coming to an end.
Key Quotes
“After touching the resistance line at 0.8821 in the middle of July, the NZD experienced a steep decline versus the USD untill the pair declined to the support level of 0.7202 which was strong enough and prevented the NZD from further losses. Since then we saw mainly a upward movement slightly above the mentioned support level until the pair rebounded once again.”
“According to the indicators however, the mentioned downward movement may come to an end since the support at 0.7202 seems to be to hard to break and the price is mainly moving between the first support line and the first resistance line.”
“Support Levels around 0.7202”
“Resistance Levels around 0.7573, 0.7834, 0.7973”
Key Quotes
“After touching the resistance line at 0.8821 in the middle of July, the NZD experienced a steep decline versus the USD untill the pair declined to the support level of 0.7202 which was strong enough and prevented the NZD from further losses. Since then we saw mainly a upward movement slightly above the mentioned support level until the pair rebounded once again.”
“According to the indicators however, the mentioned downward movement may come to an end since the support at 0.7202 seems to be to hard to break and the price is mainly moving between the first support line and the first resistance line.”
“Support Levels around 0.7202”
“Resistance Levels around 0.7573, 0.7834, 0.7973”