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22 Oct 2013
NZD/USD hits support at 0.8435 Monday and bounces; upside target 0.8556
FXstreet.com (Barcelona) - The NZD/USD may have completed a fourth wave correction to the downside Tuesday at 0.8435. Another shot higher is now expected by technicians – with a target of 0.8556.
NZD/USD to focus on US jobs report Tuesday
As no data is due out from New Zealand on Tuesday, NZD/USD traders will get to focus all of their attention on the scheduled release of the monthly employment numbers out of the US. The problem for active traders is that until the number is released, trading is likely to be very thin.
Technical outlook for NZD/USD
Technicians say NZD/USD is in a fourth-wave correction lower with targeted support at 0.8435. Resistance for the cross comes in at 0.8500 with additional selling pressure likely to come in at the 10/17 peak at 0.8524. The ultimate upside target according to technicians is the Elliott-Wave Theory-generated 0.8556.
NZD/USD to focus on US jobs report Tuesday
As no data is due out from New Zealand on Tuesday, NZD/USD traders will get to focus all of their attention on the scheduled release of the monthly employment numbers out of the US. The problem for active traders is that until the number is released, trading is likely to be very thin.
Technical outlook for NZD/USD
Technicians say NZD/USD is in a fourth-wave correction lower with targeted support at 0.8435. Resistance for the cross comes in at 0.8500 with additional selling pressure likely to come in at the 10/17 peak at 0.8524. The ultimate upside target according to technicians is the Elliott-Wave Theory-generated 0.8556.