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2 Aug 2013
NZD/USD losing marginal ground
FXstreet.com (Chicago) - NZD/USD slipped below 0.7830 support as journey advanced despite smaller momentary jump above 0.7841 resistance.
Price action indicated pair continued on bearish channel as it dropped below support at 0.7830 (July 23 highs) ahead of 0.7815 (August 1st lows) and 0.7800 (July 4 lows). Trading at 0.7829, the price had fluctuated to retrace from 0.7841 resistance followed by, 0.7855 (July 4 highs) and 0.7878 (July 10 highs).
Accumulating 0.74% losses, the New Zealand dollar remained on bearish bias as stated by ICN technical analysis team: “The pair maintains the bearish bias after retesting the broken support level at 0.7900, a continuation below 0.7853 low may open the door for further losses.” The FXstreet.com technical studies reported pair as strongly bearish with MACD pointing down and price below short and long term MAs (20, 50, 100).
Price action indicated pair continued on bearish channel as it dropped below support at 0.7830 (July 23 highs) ahead of 0.7815 (August 1st lows) and 0.7800 (July 4 lows). Trading at 0.7829, the price had fluctuated to retrace from 0.7841 resistance followed by, 0.7855 (July 4 highs) and 0.7878 (July 10 highs).
Accumulating 0.74% losses, the New Zealand dollar remained on bearish bias as stated by ICN technical analysis team: “The pair maintains the bearish bias after retesting the broken support level at 0.7900, a continuation below 0.7853 low may open the door for further losses.” The FXstreet.com technical studies reported pair as strongly bearish with MACD pointing down and price below short and long term MAs (20, 50, 100).