By: Colin Jessup
Towards the end of the Pacific session and heading towards the London opening we see that the Kiwi (NZDUSD) seems to have found some support from the bulls. After dropping roughly 620 pips over the past few days, we seem to have found support at the 0.7767 area with price closing above this support zone yesterday and building on those gains in the hours since. Looking to the upside we have resistance at 0.7862 and 0.8033 with a major daily resistance zone at 0.7935. Also to the upside we have Moving Averages at 0.7891 & 0.7972 to deal with. To the downside we have support at 0.7617 & 0.7557 as well as the more immediate, and previously mentioned zone at 0.7767. I'm looking for price to head for 0.7935 if the bulls keep running, and 0.7600 if the bears take over.
Happy Trading!
