NZD/USD: Weekly Technical Analysis for February 3-7, 2014

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The NZD/USD saw some decent gains over the week trading session but ended slightly on the downside after price tried to penetrate through 0.84298 resistance (January 14, 2014 high) and failed. With a pin-bar formation on the Daily charts around the 0.84298 resistance zones, more supply to 0.82419 support is expected earlier in the week and a break of it could see more decline.


However a break of 0.84298 resistance would see more demand to 0.85413 resistance (October 22, 2013 high) as MACD, Stochastic, RSI and Moving Averages (21, 55) signals a continuation of the current uptrend on the 4hours, Daily and Weekly charts.


Key economic indicator to watch out for in the coming week are the Non-Farm Employment and Unemployment Change which might determine whether more strength or weakness would be seen from the greenback.





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