A look at the 19 July 2011 trading session!
NZD/USD decidedly in an uptrend. The action on Monday started depressed and a little bearish, however, as the day progressed the cross currency started to rally as buyers began to move in. There seems to be considerable support around the 0.84 level. A break of the 0.85 level we believe will send this pair much higher as there is no overhead resistance to speak of. Remember 0.85 is also a large physiological barrier so we may wait for the currency pair to clear this before moving in for a buy.
Looking at the NZD/CHF, which is a somewhat different view of the Kiwi dollar, we are currency trading in a range/Rectangle Pattern around the 0.68 to 0.70 level. It looks stuck at this price range and has for several months. This makes sense as the global markets have also been somewhat stuck as well. Since both economies are relatively strong the fundamentals also back up this sideways movement. We are looking at a dog fight between the NZD/CHF which have been two of the strongest currencies.
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