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12 Aug 2013
NZD/USD, bulls run into 0.8050 protection; decent risk-reward to turn bearish?
FXstreet.com (Chicago) - NZD/USD strengthens against the greenback as recovery continues.
Since last August 5th, the pair reversed from 0.7734 monthly lows as a formidable climb indicates potential New Zealander dollar recovery. Earlier published data indicates a contraction in the housing price index as the flat percentage from last month dropped to -0.5% according to the REINZ. FXWW technical analyst Sean Lee states “there is a decent risk-reward for the intraday bears”.
Capped at 0.8046 zone, the pair trades between supports at 0.8030 (July 24th highs), 0.8020 (July 30th highs) ahead of 0.8000 (July 29th lows) and resistances at 0.8046 (August 8th highs), 0.8054 (July 26th lows), 0.8063 (July 28th lows). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.
Since last August 5th, the pair reversed from 0.7734 monthly lows as a formidable climb indicates potential New Zealander dollar recovery. Earlier published data indicates a contraction in the housing price index as the flat percentage from last month dropped to -0.5% according to the REINZ. FXWW technical analyst Sean Lee states “there is a decent risk-reward for the intraday bears”.
Capped at 0.8046 zone, the pair trades between supports at 0.8030 (July 24th highs), 0.8020 (July 30th highs) ahead of 0.8000 (July 29th lows) and resistances at 0.8046 (August 8th highs), 0.8054 (July 26th lows), 0.8063 (July 28th lows). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis.