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17 Dec 2013
NZD/USD remains in limbo between ST support and resistance; 0.8241 first support
FXstreet.com (Barcelona) - The NZD/USD is trading higher for the session – but only a close above 0.8314 will make any difference technically.
NZD/USD traders will have to rely on US data Tuesday
NZD/USD traders will be reliant on the data flow from the US for meaningful directional guidance Tuesday. Until that flow starts up during the US session, the existing short-term (upside) momentum and technical influences will be steering traders’ decisions.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. Since then, the up move that has occurred brought the NZD/USD up to “correction resistance” at 0.8342. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451. First support now comes in at 0.8241 and is follow up by horizontal line support at 82.00.
NZD/USD traders will have to rely on US data Tuesday
NZD/USD traders will be reliant on the data flow from the US for meaningful directional guidance Tuesday. Until that flow starts up during the US session, the existing short-term (upside) momentum and technical influences will be steering traders’ decisions.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. Since then, the up move that has occurred brought the NZD/USD up to “correction resistance” at 0.8342. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451. First support now comes in at 0.8241 and is follow up by horizontal line support at 82.00.