The NZD/USD is encroaching on a significant resistance level that if broken should spur further bids.
Earlier today the New Zealand dollar reached as high as 0.7955 and is currently testing the October high of 0.7975. A weekly close above this resistance level will target the Q1 2008 high at 0.8210.
To the downside, the previous resistance levels at 0.7830 and 0.7630 should turn into supports. The rising uptrend off of the 2009 and 2011 lows comes in this week at 0.7200, followed by 0.7117.
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Russell Glaser is a Currency Analyst with ForexYard. Russell provides analysis in the FX spot market by employing fundamental research methodologies. In addition to currencies, Russell closely follows the correlation between the Commodities market and the movement of equities. His writings have been published on the ForexYard Trading Blog and associated partner sites. Prior to joining Forexyard, Russell Glaser served as a management consultant in the financial services industry, advising Fortune 100 companies. Russell holds a degree in finance from the Fisher College of Business at The Ohio State University.
