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5 Dec 2014
NZD/USD settles circa 0.7775 after 0.78 topside failure
FXStreet (Bali) - After a decline to 0.7728 low pre-ECB, the Kiwi saw a major recovery against the US Dollar, 1 cent higher from the lows at one point, before giving back part of its gains to currently settle around 0.7775.
According to Jim Langlands, Founder at FXCharts: "More choppy trade would appear to be in store today. 0.7800 (100 HMA) and then 0.7825 (200 HMA) would appear to cap the topside for the time being, while the downside remains supported at around 0.7730. A break of this area would see bids at the 11 Nov low at 0.7712, 0.7700 and eventually at the trend low at 0.7660 (7 Nov)."
According to Jim Langlands, Founder at FXCharts: "More choppy trade would appear to be in store today. 0.7800 (100 HMA) and then 0.7825 (200 HMA) would appear to cap the topside for the time being, while the downside remains supported at around 0.7730. A break of this area would see bids at the 11 Nov low at 0.7712, 0.7700 and eventually at the trend low at 0.7660 (7 Nov)."