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12 Dec 2014
NZD/USD about to confirm a double top?
FXStreet (Guatemala) - NZD/USD is trading at 0.7804, up 0.01% on the day, having posted a daily high at 0.7809 and low at 0.7800.
NZD/USD is heavy and pressing down on the key support with the greenback in favour at the end of the week and retaining its lead. The consolidation phase has been contained so far between here and the upside through 0.7860 on a spike but in the main just ahead of 0.7840.
This phase of consolidation and a robust NZD comes post the RBNZ and a rally on the surprise in the hawkish rhetoric of the statement that followed a no change interest rate decision.
At this time of year, however, the Kiwi traditionally does better with a weaker greenback and a rally in equities in the lead up to year end but currently, the bird is making lower lows and lower highs in the shorter term times frames with the potential for a 0.7835 double top reversal at this stage and indicators are leaning to the downside.
NZD/USD is heavy and pressing down on the key support with the greenback in favour at the end of the week and retaining its lead. The consolidation phase has been contained so far between here and the upside through 0.7860 on a spike but in the main just ahead of 0.7840.
This phase of consolidation and a robust NZD comes post the RBNZ and a rally on the surprise in the hawkish rhetoric of the statement that followed a no change interest rate decision.
At this time of year, however, the Kiwi traditionally does better with a weaker greenback and a rally in equities in the lead up to year end but currently, the bird is making lower lows and lower highs in the shorter term times frames with the potential for a 0.7835 double top reversal at this stage and indicators are leaning to the downside.