by Wed, 19 Jan 2011 02:35:00 +0100
Forex: NZD/USD remains capped below 0.7750
FXstreet.com (Córdoba) - NZD/USD seems to have found an interim top at the 0.7740/50 area, around the 23.6% retracement of the last bullish rally between 0.7345 and 0.7812 that took place over the last week of 2010, as the cross has spent the last trading days consolidating just below that area.
Despite several attempts to break higher, bulls seem exhausted, and NZD/USD has been confined to a range 0.7670 and 0.7745 so far this week. Currently, the Kiwi is trading at 0.7730 per dollar, and it is on its way to take a new chance at the mentioned resistance.
On the upside, if the New Zealand dollar manages to clear the 0.7740/50 area, next resistance levels come at 0.7780 and 0.7810, while on the downside, supports lie around 0.7700, 0.7670 and then 0.7640.
| Technical Analysis (2011-01-19 01:30 GMT) | |
|---|---|
NZD/USD 0.7734/0.7738 - O: 0.7698 H: 0.7703 L: 0.7691 C: 0.77 | |
| Trend | R3: 0.7777 |
 | R2: 0.7757 |
| R1: 0.7738 | |
| S1: 0.7695 | |
| S2: 0.7715 | |
| S3: 0.7734 | |
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