New Zealand Dollar Remains Above .7000
Tue Oct 25 08:20:00 GMT 2005
New Zealand dollar bulls remained undeterred as they kept the pair above the psychologically important .7000 handle. As New Zealand dollar longs manage to push tier way above the .7000 figure, a further move to the upside will most likely see Kiwi bulls lose their footing as the pair will most likely bounce off the .7075, a US dollar defensive position established by the 50.0 Fib of the .7498-.6681 USD rally. A reversal will most likely see the pair tumble below the .7000 figure and head toward the Kiwi’s defenses around .6868, a 23.6 Fib of the .7498-.6681 USD rally Indicators are supportive of the New Zealand dollar longs with both momentum indicator and MACD treading above the zero line, while neutral oscillator give either side enough room to maneuver.
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