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NZD/USD fails to soak up 0.7870/80 offers

FXStreet (Bali) - While NZD/USD may be in the midst of carving out a double bottom, sentiment towards the Kiwi remains poor, as the currency failed to rally on Tuesday amid broad-based USD strength.

Ahead of the Tokyo open, NZD/USD exchanges hands at 0.7840, having chopped around in the last 24 hours, with buyers finding it hard to absorb offers at 0.7870/80. AUD strength, which still looks solid in the short term, may assist the Kiwi though.

Jim Langlands, Founder at FXCharts, notes: "It did make a 0.7872 high today, but the short term indicators look reasonably flat and I don’t think we should expect too much in the hours ahead."

On a longer term view, Jim's bearish prospects remain intact, noting that "once the profit taking on long US$ positions eases back, the downside will again come under pressure; that could take a while, but the major points to watch for, below 0.7800, are at 0.7701 (50% of 0.6560/0.8842), below which would head to the 24 June 2013 low at 0.7682. Below this there is minor support at 0.7660."

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