NZD/USD: Attempting To Breach 0.7930
ICN.com | Oct 29, 2014 05:12AM ET
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The pair managed to rise yesterday and is trading above the positive Linear Regression Indicators today. MACD signal lines are showing a new attempt to the upside and RSI is touching line 50 again attempting to breach it. Trading above 1.2660 is positive now in light of the referred to technical catalysts, but we need to breach 1.2815 levels to extend the downside move and test the bearish resistance showing above at 1.2900.
From the downside, breaking 1.2660 weakens positivity and triggers a downside move attempting to retest 1.2580 levels, as breaking the latter extends the downside move again towards 1.2485. Of note, we are waiting today for the Federal Reserve decision regarding its monetary policies, which could cause heavy volatility.
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The pair traded positively yesterday confirming the ongoing effect of the Falling Wedge Pattern showing on graph above, while MACD is heading to the upside strengthening the positive expectations. Hence, the upside move is still expected in the upcoming period and the first target is 1.6285, while achieving it requires stability above 1.6000.
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The pair managed to breach 108.00 and stabilize above it strengthening our previously suggested positive expectations. The pair is currently targeting 109.00 and 119.50, as tradign above 107.70 is positive supporting the bullish expectations. A break below 107.20 threatens to fail the suggested expectations.
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USDCHF pair dropped towards the first target of our negative expectations 0.9460, as stabilizing below it favors extending the downside move towards 0.9440, whereas breaking these levels extends the downside move to target 0.9410 and 0.9390. On the other hand, trading below 0.9480 is negative supporting the bearish expectations, while breaching 0.9530 threatens to fail the suggested expectations.
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We sent our subscribers yesterday recommendation (recommendation section ) and sold the pair due to stabilizing below 1.1280 for a long time. Based on the above graph, we notice that the negative divergence is still affecting the pair, in addition to breaking the support of the minor ascending channel. Today, the pair is targeting around 50% correction at 1.1100 which will determine the downside move and its extension.
A break below 1.1100 opens the way towards 1.1030, but these negative expectations requires stability below 1.1250 in general, and below 1.1205 intraday today. We are waiting several important data today including the Fed's decision that could cause heavy Volaitility.
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The pair confirmed breaching 0.8825 and closed a daily candle above it to confirm extending the upside move in the coming period, as its currently facing the resistance that should be breached 0.8885. Generally, the upside move is expected targeting next 0.9000, as the pair is getting positive support from Linear Regression Indicators, while stabilizing aove 0.8825 is significant to keep the bullish bias ongoing for today.
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The pair is attempting to breach 0.7930 and stabilize above it which brings it back to trade within the ascending channel showing on graph. If the pair manages to trade again within the ascending channel, this favors bringing the upside move back targeting 0.8000 and 0.8070, while failing to trade again within the mentioned channel and breaking 0.7900 threatens to fail the suggested expectations.
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