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NZD/USD respecting 0.7930 support zone

By FXstreet.com,  July 10, 2012, 10:11:00 PM EDT

FXstreet.com (San Francisco) - The New Zealand dollar is trading at session highs despite a fall in Hong Kong shares early Wednesday after a retreat on Wall Street, and despite reason to turn 'risk-off' on persistent worries related to Europe and China.

NZD/USD has so far climbed to as high as 0.7945 in Asia, with support around 0.7930 keeping short-term dips contained for now. The pair has now been consolidating above mentioned support for the past couple of days.

Should the upside pressure continue in the hours ahead, rallies may encounter technical resistance in the 0.7960 area, where the 50-hour EMA and the 50% Fibonacci retracement level of the 0.8469/0.7453 downswing converge.

If NZD/USD reverses its gains and manages to push below 0.7930 support, the downside offers support in the 50-day EMA at 0.7889, then there is a cluster of support in the 0.7840 area.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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