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19 Jun 2013
NZDUSD, look to buy at 0.7860, 0.7818 targeting 0.8021 - 2ndSkies
FXstreet.com (Barcelona) - The NZD/USD has been retracing part of its tantamount gains seen last week, when a knock-out technical blow reversal against sellers took the pair from 0.7760, lowest since June 14 2012, all the way to 0.8135, before current price at 0.7970 ahead of the FOMC later today.
NZD/USD, potential bottom in place - 2ndSkies
Last week, the NZD/USD ended, as 2ndSkies Founder Chris Capre describes, "with two days of buying (A) quite impulsive, and the follow through selling over the last three (B) days not taking out the low of the last bull close."
According to Capre, this suggests a potential bottom is in place, and if so, "the bulls will buy higher off the lows" Capre said.
Capre intends to reinstate a buying position at 0.7860 and 0.7818 targeting 0.8021. Capre finishes his analysis by saying that "if 0.7760 holds the 2nd attack, expect another rally by the bulls to reverse the trend."
NZD/USD, potential bottom in place - 2ndSkies
Last week, the NZD/USD ended, as 2ndSkies Founder Chris Capre describes, "with two days of buying (A) quite impulsive, and the follow through selling over the last three (B) days not taking out the low of the last bull close."
According to Capre, this suggests a potential bottom is in place, and if so, "the bulls will buy higher off the lows" Capre said.
Capre intends to reinstate a buying position at 0.7860 and 0.7818 targeting 0.8021. Capre finishes his analysis by saying that "if 0.7760 holds the 2nd attack, expect another rally by the bulls to reverse the trend."