Forex: NZD/USD: Recovery from 0.7310 extends to 0.7450/60 area

By IBTimes Staff Reporter | November 16 2009 3:59 AM

FXstreet.com (Barcelona) - New Zealand Dollar's rebound at 0.7305 low on November 12 has extended on Monday to resistance area at 0.7450/60 which has been attacked once although, so far, resistance remains intact.

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The pair looks bullish in intra-day studies, according to Liviu Flesar, technical analyst at InnerFX: Last week's top side into the .7450 zone is under pressure as kiwi bounced off support into the .7300 zone - formed by the rising trend line coming from .7080 as seen in the chart below. Both intra-day and short-term studies are bullish and potential pullbacks into the .7360-.7400 zone will be fresh buying opportunities, as upside is likely to remain favored as long as .7300 holds.

Resistance levels, according to Flesar, lie at 0.7450, 0.7500 and 0.7550. On the downside, support levels are 0.7400, 0.7350/60 and 0.7300.

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