Forex: NZD/USD turns resistance into support
Forex pairs in this Article »
NZD/USD
FXstreet.com (Barcelona) - NZDUSD opened just below Camarilla S1 support at 0.8194 before sharply climbing overnight to post a high at 0.8246, before declining into the European session.
Spot is now looking to find some support at Fibonacci R1 resistance at 0.8222. Looking on an hourly chart, spot is holding above the 20 MA and RSI is at 49 with a slight downside bias. Absent Greek Retail Sales at 10:00 GMT, the daily Calendar is empty and with New Years around the corner volume can be expected to remain low. Danske Bank analysts recommend going short at 0.8200 with a stop at 0.8240.
Spot is now looking to find some support at Fibonacci R1 resistance at 0.8222. Looking on an hourly chart, spot is holding above the 20 MA and RSI is at 49 with a slight downside bias. Absent Greek Retail Sales at 10:00 GMT, the daily Calendar is empty and with New Years around the corner volume can be expected to remain low. Danske Bank analysts recommend going short at 0.8200 with a stop at 0.8240.
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