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Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi Advances

Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi Advances

2011-09-27 15:22:00
Michael Boutros, Technical Strategist
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Daily Winners and Losers

Rally_in_Risk_Gathers_Pace-_US_Dollar_Under_Pressure_as_Kiwi_Advances_body_Picture_2.png, Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi AdvancesRally_in_Risk_Gathers_Pace-_US_Dollar_Under_Pressure_as_Kiwi_Advances_body_Picture_3.png, Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi AdvancesRally_in_Risk_Gathers_Pace-_US_Dollar_Under_Pressure_as_Kiwi_Advances_body_Picture_4.png, Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi Advances

The kiwi is the top performer against a weaker dollar 2 hours into North American trade with the pair advancing 1.6% early in the session. As risk appetite continues to improve on speculation that European officials are in the works to create a ‘TARP’ like special purpose vehicle, higher yielding growth backed currencies have gone back on the offensive, with the kiwi outperforming the majors as the dollar pares recent gains. The NZD/USD broke above the 76.4% Fibonacci extension taken from the August 1st and 31st crests at 0.7890 where interim support now rests. A break back below this level eyes subsequent floors at the 0.78-figure and the 100% extension at 7680. Topside targets are held at 0.7950, backed by the 61.8% extension at 0.8020 and the 0.81-handle.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

0.8246

50-Day SMA

0.8346

20-Day SMA

0.8192

2011 NZD High

0.8842

Rally_in_Risk_Gathers_Pace-_US_Dollar_Under_Pressure_as_Kiwi_Advances_body_Picture_5.png, Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi AdvancesRally_in_Risk_Gathers_Pace-_US_Dollar_Under_Pressure_as_Kiwi_Advances_body_Picture_6.png, Rally in Risk Gathers Pace- US Dollar Under Pressure as Kiwi Advances

The yen remains under pressure as demand for safe haven subsides with the USD/JPY advancing more than 0.30% in early US trade. The pair broke above the 76.55 level before tagging interim resistance at the 76.70 mark. A topside break here eyes targets at the 23.6% Fibonacci extension taken from the August 4th and September 9th crests at 76.80, and the 77-figure. Interim support rests at 76.55 with subsequent floors seen at 76.40 and the 38.2% extension at 76.20. Topside gains are likely to be limited as the dollar remains under pressure and RSI peaks into overbought territory. A pullback is likely with the pair expected to hold its recent range until a substantial shift in sentiment sees a more pronounced topside breach.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

78.86

50-Day SMA

77.11

20-Day SMA

76.83

2011 JPY High

75.94

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report or receive his daily reports, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForex.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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