Forex: NZD/USD explores 0.7900

on Jul 11, 2013
Listen Thursday July 11th_: Yesterday the NZD/USD rallied by 0.90 percent after finding support at the 200-hour simple moving average. The price broke through the 0.7830 resistance and closed at 0.7916. Today the price action has overcome yesterday high of 0.7958 by 10 pips, but has since been falling. Right now the pair is changing hands at 0.7877.

A divergence has been forming on the MACD (9,12,1) indicator on the four-hour timeframe, suggesting that the downtick still has legs today.
To the upside, the next resistance levels are 0.8050 and 0.8135.
To the downside, 0.7865 and 0.7830 may bring support.