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11 Jun 2013
NZD/USD extends the recovery, eyes on 0.7900
FXstreet.com (Barcelona) - The NZD/USD is prolonging its correction higher from session lows around 0.7760/65 on Tuesday as the USD-comm bloc sell off intensifies.
NZD/USD outlook remains bearish
Despite the current rebound, the pair is framed within a broader bearish trend, sparked in late April when it was hovering over 0.8500 the figure. According to the HSBC Research team, “We believe that the RBNZ’s new-found determination for a weaker currency and its active presence in the FX market will cause speculators to question whether the Kiwi can remain resilient. If such a reappraisal occurs the NZD/USD will be in for a further lurch lower”.
Techs levels
As of writing, the pair is losing 0.36% at 0.7878 with the next support at 0.7763 (low Jun.11) followed by 0.7744 (76.4% of 0.7456-0.8676) and then 0.7722 (low Jun.13 2012). On the flip side, a surpass of 0.7922 (61.8% of 0.7456-08676) would accelerate the upside to 0.7924 (high Jun.10) and finally 0.7945 (hourly high/lows Jun.7).
NZD/USD outlook remains bearish
Despite the current rebound, the pair is framed within a broader bearish trend, sparked in late April when it was hovering over 0.8500 the figure. According to the HSBC Research team, “We believe that the RBNZ’s new-found determination for a weaker currency and its active presence in the FX market will cause speculators to question whether the Kiwi can remain resilient. If such a reappraisal occurs the NZD/USD will be in for a further lurch lower”.
Techs levels
As of writing, the pair is losing 0.36% at 0.7878 with the next support at 0.7763 (low Jun.11) followed by 0.7744 (76.4% of 0.7456-0.8676) and then 0.7722 (low Jun.13 2012). On the flip side, a surpass of 0.7922 (61.8% of 0.7456-08676) would accelerate the upside to 0.7924 (high Jun.10) and finally 0.7945 (hourly high/lows Jun.7).