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28 May 2013
Flash: NZD/USD searches for near-term support – ANZ
FXstreet.com (Barcelona) - According to the ANZ Research Team, “The near test of the NZD/USD target of 0.80 (hit 0.8005) may provide scope for some consolidation, but the bias remains for a deeper flush towards 0.7925.”
Interim rebounds should find resistance in the 0.8220-30 area and a close above 0.8300 is needed to reduce the bias for redefining the recent low. On a medium-term basis, a 0.7900-0.8300 range may develop.
Price action above 0.8500 appears particularly top-like now (completing an inner correction off 2011’s 0.7370 low). Although the 0.79-0.80 area may provide support, broader bias will remain for deeper corrective slippage to unfold. “The 0.7630-40 former highs and 0.7370-0.7460 former lows are likely to act as target zones. A close above 0.8370 is needed to suggest a different profile.” the team adds.
Interim rebounds should find resistance in the 0.8220-30 area and a close above 0.8300 is needed to reduce the bias for redefining the recent low. On a medium-term basis, a 0.7900-0.8300 range may develop.
Price action above 0.8500 appears particularly top-like now (completing an inner correction off 2011’s 0.7370 low). Although the 0.79-0.80 area may provide support, broader bias will remain for deeper corrective slippage to unfold. “The 0.7630-40 former highs and 0.7370-0.7460 former lows are likely to act as target zones. A close above 0.8370 is needed to suggest a different profile.” the team adds.