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NZD/USD pressing against 0.8330, AUD/NZD demand limits upside

FXStreet (Bali) - NZD/USD managed to keep its head above the 0.83 handle on Wednesday, although the Kiwi still feels quite heavy, prove of that is the continuous under-performance against the Aussie, with the AUD/NZD breaking into fresh year highs above 1.12.

As Jim Langlands, Founder at FXCharts, notes: "It looks as though we could be in for some mild further gains, with both the 1 and 4 hour charts looking positive at the start of the session. If correct we could be in for a move towards the tops of the descending wedge at 0.8350, above which would trigger some stop that take us to 0.8400."

If NZD/USD fails to break higher and sellers take control, Jim sees the trend low at 0.8286 as next target, although the Analyst believes it will not be threatened today. If wrong, "look for a run towards 0.8275(50% Fib of 0.7670-0.8839) and then to the base of the wedge at around 0.8255 and the 0.8242 (February 20 low)", Jim adds.

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