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11 Aug 2014
NZD/USD keeps bouncing off 0.84-0.8430 demand
FXStreet (Bali) - While sentiment towards the Kiwi remains negative, during the second half of last week, we started to see some evidence of renewed buying interest ahead of the round number 0.84, with 0.84-.8430 demand area holding.
Jim Langlands, Founder at FXCharts, notes: "The dailies point lower, but we really need a daily close below the 12 month long rising trend support, currently at 0.8435 before we can build confidence in a continuation of the move."
"The NZ Business PMI and Retail Sales are on Thursday, and if below expectations could be the catalyst to provide the momentum to head lower", adds Jim, who remains bearish "as long as we stay under 0.8485..."
Jim Langlands, Founder at FXCharts, notes: "The dailies point lower, but we really need a daily close below the 12 month long rising trend support, currently at 0.8435 before we can build confidence in a continuation of the move."
"The NZ Business PMI and Retail Sales are on Thursday, and if below expectations could be the catalyst to provide the momentum to head lower", adds Jim, who remains bearish "as long as we stay under 0.8485..."