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13 Mar 2014
Flash: NZD/USD has potential for 0.8665-80 - ANZ
FXStreet (Bali) - According to Tim Riddell, Head of Market Research at ANZ, even if NZD/USD breaks 0.8585 high, which would then see potential for 0.8665-80, gains are likely to struggle much further.
Key Quotes
"Weekly momentum indicators are beginning to gain a more positive profile at the margin, but are still decidedly neutral."
"Slippage ought to hold 0.8415 to allow for a further attempt to breach 0.8600, but short-term price action is overlapping uncomfortably..."
"The daily chart continues to show the potential for measured moves through 0.8585-00 towards 0.8665-80..."
"Dips need to remain above 0.8385 to allow for a push through 0.8600. However, such moves need to gain traction (as in more aggressive moves through 0.8680) to avoid this completing range redefining."
"A fall below 0.8385 is not only likely to undermine recent gains from 0.8240, but also the rebounds from 0.8050 and so leave NZD uncomfortably range trading once again."
Key Quotes
"Weekly momentum indicators are beginning to gain a more positive profile at the margin, but are still decidedly neutral."
"Slippage ought to hold 0.8415 to allow for a further attempt to breach 0.8600, but short-term price action is overlapping uncomfortably..."
"The daily chart continues to show the potential for measured moves through 0.8585-00 towards 0.8665-80..."
"Dips need to remain above 0.8385 to allow for a push through 0.8600. However, such moves need to gain traction (as in more aggressive moves through 0.8680) to avoid this completing range redefining."
"A fall below 0.8385 is not only likely to undermine recent gains from 0.8240, but also the rebounds from 0.8050 and so leave NZD uncomfortably range trading once again."