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Aug 15, 2014
Kiwi seeking bids below $0.85
FXStreet (Bali) - There is some mild pressure on the Kiwi in early Tokyo, with NZD/USD retracing towards 0.8475 after tripping stops above the 0.85 round number overnight, reaching its highest at 0.8514.
Peter Fell, Analyst at FXBeat, notes: "Support seen at 8474, 38.2% fib on the 8409 / 8514 rise, resistance lies between 8530/35 (previous tops). With no economic data out today, further consolidation looks likely, suggest 8480/8520."
"Overall, it looks like the Kiwi has finally posted a short term base at 8409, I would look for further gains next week, target 8572, 38.2% fib on the 8836/8409 fall", Peter adds.
Peter Fell, Analyst at FXBeat, notes: "Support seen at 8474, 38.2% fib on the 8409 / 8514 rise, resistance lies between 8530/35 (previous tops). With no economic data out today, further consolidation looks likely, suggest 8480/8520."
"Overall, it looks like the Kiwi has finally posted a short term base at 8409, I would look for further gains next week, target 8572, 38.2% fib on the 8836/8409 fall", Peter adds.