Kiwi Tests Resistance, Now Under Selling Pressure
Olimpiu Tuns | Sep 02, 2014 06:03AM ET
USD/JPY: Towards 61,8%
The price is moving upward to reach the next target from the 61,8% fibonacci. The support is now at 104,12 (resistance turned into support). The resistance is at 105,53, this level was the highest high of the year. The outlook remain bullish on this pair after getting out of range movement. I've drawn a Pitchfork on the last swing, the price is above the Medina Line, this signal gives us a bullish perspective on short-term. Regard to fundamental events, later today we have the ISM MAnufacturing PMI, this indicator is expected to decrease to 57,0 from 57,1 last month.
NZD/USD: Tested The Resistance
The rate has tested the 38,2% retracement level and now is under selling pressure. We have a minor descending channel on H4 chart. The first target will be at lower low of 0,8310 from 26 August and then lower at the 50% fibonacci. If the bears will ignore the support from the 50% retracement level then the next barrier will be at 61,8%. This pair maintains a strong downward potential because this correction is expected to continue. We have a busy week ahead, is important to have the eyes on all major economic events from the United States. The US Dollar can increase further against the NZD if we'll have positive news from American economy.
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