NZD/USD Failed To Stabilize Above 0.7900
ICN.com | Oct 23, 2014 04:07AM ET
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The pair dropped yesterday and is trading below a previous bottom at 1.2661. Trading below the referred to level is negative and could trigger a new attempt to the downside towards 113% corerction at 1.2487 levels. Today, 1.2580 is the significant interval of extending bearishness, but trading below 1.2700 keeps the negative possibility valid.
RSI failed to stabilize above line 50 and MACD failed to keep positivity ongoing, and its signal line reversed from levels below lone zero. These catalysts support our negative expectations.
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The pair remained stable above the resistance of the Falling Wedge Pattern after being affected negatively by the U.S. inflation data released yesterday exceeding expectations.
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Stability above the referred to resistance supports extending the positive scenario for the coming period, which requires stabilizing above 1.6000, and our main targets start at 1.6285.
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The pair rose and breached 107.20 which strengthened our positive expectations previously suggested. Stability above the referred to level favors extending the upside move targeting 108.00 and 108.50, as trading above 106.65 levels is positive and support the bullish expectations. A break below 106.20 threatens to fail the suggested expectations.
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The pair managed to breach 0.9520 halting the negative expectations. Breaching 0.9565 and stabilizing above it favors extending the upside move targeting 0.9615 and 0.9650, while breaking 0.9480 and stabilizing below it favores bringing back the downside move.
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The pair is trading in a slight bearish bias but is still stable above 0.8690, which is the main catalyst to extend the upside move expected in our latest reports, as the pair was affected lately with the positive US data.
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We are waiting now for new attempts to breach 0.8825 to strengthen the suggested positive expectations extending the bullish targets towards 0.9000 mainly.
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The pair failed to stabilize above 0.7900 which negatively affected the pair and pushed it sharply to the downside breaking 0.7860, as stability below it favors extending the downside move targeting 0.7830 and 0.7780. A break above 0.7900 threatens to fail the suggested expectations.
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