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12 Mar 2013
Forex: NZD/USD capped below 0.8300
NZD/USD is last at 0.8264, off recent fresh weekly high at 0.8286, 11 pips below Friday's high previous to US NFP data, that showed best unemployment rate in 4 years, adding the most jobs in 1 year. The pair has found bids few pips above 200 day SMA that runs at this moment around the 0.8177, while Friday's fresh 2-month lows post-NFP were printed at 0.8186.
“NZD/USD sees important short term resistance in the .8385/.8420 area which should define whether a deeper upside retracement is underway, or a return to the developing bear trend is in the offing,” says John Normand at JP Morgan Global FX Strategy, adding: “Violations of the .8176/55 zone (200-day MA/Dec low) would argue for a closer test of the .8106/.8055 zone.” The pair is up +0.65% for the week so far, while barely in the negative for 2013.
Immediate resistance to the upside for NZD/USD shows at mentioned recent session highs 0.8286, followed by Friday's highs at 0.8298, and Thursday's highs at 0.8315. To the downside, closest support lies at Friday's Asian session lows 0.8245, followed by March 01 lows at 0.8215, and yesterday's/March 04 lows at 0.8190.
“NZD/USD sees important short term resistance in the .8385/.8420 area which should define whether a deeper upside retracement is underway, or a return to the developing bear trend is in the offing,” says John Normand at JP Morgan Global FX Strategy, adding: “Violations of the .8176/55 zone (200-day MA/Dec low) would argue for a closer test of the .8106/.8055 zone.” The pair is up +0.65% for the week so far, while barely in the negative for 2013.
Immediate resistance to the upside for NZD/USD shows at mentioned recent session highs 0.8286, followed by Friday's highs at 0.8298, and Thursday's highs at 0.8315. To the downside, closest support lies at Friday's Asian session lows 0.8245, followed by March 01 lows at 0.8215, and yesterday's/March 04 lows at 0.8190.