Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

New Zealand Dollar Remains Firm Above .7100

By Sam Shenker
10 June 2005 05:59 GMT
As the price action continues to favor NZD longs, Kiwi traders should expect the pair to move toward the .7200 figure with sustained momentum seeing the pair touching the .7350. Indicators point to a slowing trend with ADX (DMI) falling to 21.3. The daily Stochastic is below the overbought level at 75.61 with 4-hour chart Stochastic also neutral at 36.28. RSI is neutral at 49.48 on the daily chart as well as on the dealer (4HR) chart at 54.25. MACD has made a bullish crossover below the zero line on the daily chart and is pointing downward toward the zero line on the (4HR) chart. In case the NZD bulls fail to breach the .7200 figure and fall back, the next level they will most likely find some support will be .6950.

 
Key Levels

Level
Resistance
Details
.7251
Major
May 10 spike low
.7213
Intermediate
61.8 Fib of the .7377-.6950 USD rally
.7193
Minor
May 13 daily spike high
Level
Support
Details
.7088
Minor
20-day SMA
.7050
Intermediate
23.6 Fib of the .7377-.6950 USD rally
.7016
Major
June 6 daily low

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

10 June 2005 05:59 GMT