27 Mar 2014
Kiwi has hard time at 0.8630 resistance
FXStreet (Moscow) - NZD/USD has stalled at the important resistance zone of 0.8630 after a spectacular upside from the intraday lows of 0.8590
Bulls are getting ready for a new assault
NZD/USD failed to close above 0.8600 on Wednesday, but managed to stage an impressive bullish performance early on Thursday after News Zealand published better than expected trade balance data. The New Zealand Finance Minister Bill English warned that the currency is too strong to allow for positive economic development, but the markets seemed to turn a deaf ear to his concerns. Kiwi has a good chance to continue growing on the rate rise expectations, though on the intraday basis the downside correction is quite possible. NZD/USD needs a convincing movement above the resistance zone of 0.8630 to continue growing. A failure to break above the said area might trigger the profit taking with the aim at 0.8600.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8594, with support below at 0.8565, 0.8540 and 0.8511, with resistance above at 0.8619, 0.8648 and 0.8673. Hourly Moving Averages are bullish, with the 200SMA at 0.8565 and the daily 20EMA at 0.8499. Hourly RSI is neutral at 68.
Bulls are getting ready for a new assault
NZD/USD failed to close above 0.8600 on Wednesday, but managed to stage an impressive bullish performance early on Thursday after News Zealand published better than expected trade balance data. The New Zealand Finance Minister Bill English warned that the currency is too strong to allow for positive economic development, but the markets seemed to turn a deaf ear to his concerns. Kiwi has a good chance to continue growing on the rate rise expectations, though on the intraday basis the downside correction is quite possible. NZD/USD needs a convincing movement above the resistance zone of 0.8630 to continue growing. A failure to break above the said area might trigger the profit taking with the aim at 0.8600.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8594, with support below at 0.8565, 0.8540 and 0.8511, with resistance above at 0.8619, 0.8648 and 0.8673. Hourly Moving Averages are bullish, with the 200SMA at 0.8565 and the daily 20EMA at 0.8499. Hourly RSI is neutral at 68.