Market Overview

NZD/USD Technicals – 0.84 vs 0.843

Daily Chart

http://forexblog.oanda.com/mserve/NZDUSD_110113D1.PNG

Rally in Kiwi hit a snag as price failed to overcome 0.843, the support for Dec 2012. Stochastic reading shows a potential crossing in the works, but a proper bearish signal can only be confirmed with readings below 80.0 and NZD/USD failing to hold above current levels.

Hourly Chart

http://forexblog.oanda.com/mserve/NZDUSD_110113H1.PNG

Hourly chart paints an opposite story with Stochastic reading forming a crossover in the Oversold territory. Price is also trading above 84.0 round number (horizontal line) and also the upward trending line formed this week. Keep a lookout on how price move early next Monday for any indication of bearish breakout or  continuation of this week's bull run.

GBP/NZD Hourly

http://forexblog.oanda.com/mserve/GBPNZD_110113H1.PNG

GBP/NZD is also facing strong resistance around 1.92. NZD/USD movement next week will have high influence on this pair's ability to break above 1.92.

 

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