tumultuous day for NZD / USD. Prices pushed to a low of 0.8261 in early Asian trading yesterday, despite the number of solid / economic health of New Zealand. However, this could be explained given global risk aversion that began during the US session Wednesday that pushed NZD / USD from a high of 0.8346 coupled with the 6 month low Chinese HSBC manufacturing PMI which pushed prices below the 0.83 support. S / T Given all this, the bias is certainly down in the S / T even if our analysis suggests that L / T bearish follow through would be unlikely.
Therefore, the strong recovery in prices that led NZD / USD rising 0.834 and allowed resistance to briefly mark is still seen as a surprise. This is even more surprising considering that the rally came when the risk appetite during the US session was bearish, which would have led risk currencies such as NZD lower especially as it seemed to be the case Wednesday. For this reason, it is not surprising that prices have collapsed soon after, the underlying reasons for NZD / USD to rally so fast so quickly is weak at best and non-existence for the worst.
Graphic schedule
Nevertheless, it is clear that the hand of technicals continue to influence price action. It is no coincidence that the rally yesterday arrested at the 0.834 resistance, and the subsequent withdrawal was able to find the support of the rising trend line representing the recovery efforts between Monday and Wednesday. The trend line bounce upward stalled around 0.83 is further evidence that trendlines, support and resistance levels are enormous relevance today. Therefore, with prices breaking the rising trend line at present, the probability of hitting the price swing low seen Monday becomes higher, especially if support is broken 0.826.
Table Daily
the daily chart of Directorate is also bearish, with prices in the middle of the 2nd half of the downward cycle which should take us to 0,815. However, prices can still find strong support above 0.82 with many hollow bouncing off the level seen since September 2013. This is actually in line with the stochastic readings on the schedule shows that the bearish momentum is already oversold, suggesting that prices can not really go south too far, even if the pressure is certainly on the decline. This view is in line with the fundamental NZD and USD with both vying to be one of the biggest winner in 2014. Therefore, we can see even more unexplained rallies and sell-off as a result of having two currencies strong opposing against each other.
Links:
AUD / USD - Drops to New Low Below 0.8750
EUR / USD - Surges Back to the resistance at 1.37
GBP / USD - Surges to New multi-Year High Above 1.66
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
[ad_2]
Read More : NZD/USD Technicals – Expects Strong Support Despite Latest Sell-Off
Tidak ada komentar:
Posting Komentar