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5 May 2015
Kiwi remains in consolidation pattern - FXCharts
FXStreet (Bali) - Kiwi's technical outlook is unchanged, still in a consolidation pattern, notes Jim Langlands, Founder at FXCharts, with today's direction to be determined by the RBA and later today the Global Dairy Trade Index, Jim adds.
Key Quotes
"The Kiwi has consolidated today, leaving the technical outlook unchanged. Direction will be driven by the RBA and then later tonight, the Global Dairy Trade Index is due."
"The initial support is at 0.7500/05, below which would see a run towards 0.7465 (50% pivot of 0.7175/0.7743), 0.7421 (13 Apr low) and 0.7399 (61.8% of 0.7175/0.7743)."
"The topside will now see sellers at today’s high at 0.7557 above which would head back to 0.7570 and then to 0.760010 (100/200 HMA) above which could see a run towards 0.7640, although I don’t think we go close to it today unless the RBA sit on their hands and the Kiwi gets dragged along."
Key Quotes
"The Kiwi has consolidated today, leaving the technical outlook unchanged. Direction will be driven by the RBA and then later tonight, the Global Dairy Trade Index is due."
"The initial support is at 0.7500/05, below which would see a run towards 0.7465 (50% pivot of 0.7175/0.7743), 0.7421 (13 Apr low) and 0.7399 (61.8% of 0.7175/0.7743)."
"The topside will now see sellers at today’s high at 0.7557 above which would head back to 0.7570 and then to 0.760010 (100/200 HMA) above which could see a run towards 0.7640, although I don’t think we go close to it today unless the RBA sit on their hands and the Kiwi gets dragged along."