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4 Aug 2014
NZD/USD: Bulls draw line in the sand at 0.8460
FXStreet (Bali) - NZD/USD finally found some buyers below the 0.85 handle, with the 0.8460 area providing a line in the sand that has so far successfully protected further losses, even creating a double bottom pattern that may see some pick up in confidence by bulls.
According to Jim Langlands, Founder at FXCharts: "If Fridays high at 0.8534 can be overcome, the short term charts hint at the potential for a run up to the 200 HMA at around 0.8550 and possibly back towards the Fibo resistance at 0.8602 (38.2% of 0.8835/0.8460)."
On the downside, however, if 0.8460 is lost, Jim notes that "NZD would find bids at the 200 DMA (0.8450), the major rising trend support at 0.8430 and then at the Fibo support at 0.8408 (38.2% of 0.7718/0.8835) and at the 4 June low at 0.8401."
According to Jim Langlands, Founder at FXCharts: "If Fridays high at 0.8534 can be overcome, the short term charts hint at the potential for a run up to the 200 HMA at around 0.8550 and possibly back towards the Fibo resistance at 0.8602 (38.2% of 0.8835/0.8460)."
On the downside, however, if 0.8460 is lost, Jim notes that "NZD would find bids at the 200 DMA (0.8450), the major rising trend support at 0.8430 and then at the Fibo support at 0.8408 (38.2% of 0.7718/0.8835) and at the 4 June low at 0.8401."