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Jun 4, 2013
NZD/USD losses mount to 0.8019/23
FXstreet.com (Barcelona) - The NZD/USD has experienced a wild start to the week, losing most of its recent gains and surrendering the 0.8100 level amidst a growing weakness.
According to the ICN.com Technical Analyst Team, “The NZD/USD plunged after confirming its position below 0.8065 earlier. However, it hasn't yet been able to touch 61.8% correction, therefore a potential extension of the downtrend is likely this week. Ultimately, we note that stability below 61.8% correction at 0.7920 will trigger a powerful bearish wave.”
Despite staunch overnight gains that took the pair to the 0.8106 level (overnight high), the NZD/USD is presently operating in negative territory down -0.82% Tuesday at 0.8019/23. Technically speaking, the Mataf.net analyst team points to support levels at 0.7982, ahead of 0.7984, and ultimately 0.7806. Alternatively, a thrust into positive territory will eventually drive the pair towards resistances at 0.8158, then 0.8226, onto 0.8334.
According to the ICN.com Technical Analyst Team, “The NZD/USD plunged after confirming its position below 0.8065 earlier. However, it hasn't yet been able to touch 61.8% correction, therefore a potential extension of the downtrend is likely this week. Ultimately, we note that stability below 61.8% correction at 0.7920 will trigger a powerful bearish wave.”
Despite staunch overnight gains that took the pair to the 0.8106 level (overnight high), the NZD/USD is presently operating in negative territory down -0.82% Tuesday at 0.8019/23. Technically speaking, the Mataf.net analyst team points to support levels at 0.7982, ahead of 0.7984, and ultimately 0.7806. Alternatively, a thrust into positive territory will eventually drive the pair towards resistances at 0.8158, then 0.8226, onto 0.8334.