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2 Apr 2015
NZD/USD downtrend might end – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team, believes that NZD/USD unable to break below 0.7202 signifies that the downtrend for the kiwi 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 until 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.”
Key Quotes
“After touching the resistance line at 0.8821 in the middle of July, the NZD experienced a steep decline versus the USD until 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.”