8 Jul 2014
NZD/USD capitalizes on NAB data, 0.88 still not threatened
FXStreet (Bali) - NZD/USD is trading at 0.8764, up 0.07% on the day, having posted a daily high at 0.8774 following a positive NAB business survey in Australia, and after recovering from a low of 0.8739 on the back of poor NZ business confidence.
NZD/USD is in neutral territory in the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral. RSI is in neutral territory at 64.26, up from it’s last hourly close at 57.69, while ADX is ranging above 30 at 21.35, down from 34.36 at the last hourly close. Multiple topside failure ahead of 0.88 keep the upside well protected for now.
In view of Jim Langlands, Founder at FXCharts: "Ahead of 0.8800, the points to watch are at 0.8775 (minor), above which would see another run up to last week’s 0.8793. Beyond 0.8800, we may head towards the July 2011 high at 0.8842 and eventually to the top of the long term channel, now at around 0.8900, where, if long, I would be taking profit and possibly going short."
"On the downside, the daily Tenkan at 0.8726 continues to provide the initial support, a break of which would head back to the session low (0.8713) and to 0.8700. A break of this would see a deeper correction towards 0.8660(25 June low) but currently looks unlikely", Jim adds.
NZD/USD is in neutral territory in the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral. RSI is in neutral territory at 64.26, up from it’s last hourly close at 57.69, while ADX is ranging above 30 at 21.35, down from 34.36 at the last hourly close. Multiple topside failure ahead of 0.88 keep the upside well protected for now.
In view of Jim Langlands, Founder at FXCharts: "Ahead of 0.8800, the points to watch are at 0.8775 (minor), above which would see another run up to last week’s 0.8793. Beyond 0.8800, we may head towards the July 2011 high at 0.8842 and eventually to the top of the long term channel, now at around 0.8900, where, if long, I would be taking profit and possibly going short."
"On the downside, the daily Tenkan at 0.8726 continues to provide the initial support, a break of which would head back to the session low (0.8713) and to 0.8700. A break of this would see a deeper correction towards 0.8660(25 June low) but currently looks unlikely", Jim adds.