9 Apr 2014
NZD/USD doesn't leave the attempts to go past 0.8700
FXStreet (Moscow) - NZD/USD having made a daily high at 0.8709 and low at 0.8661, is up 0.31% on the day and presently trading at 0.8703.
Kiwi defies the law of gravity
NZD/USD has been growing for the fourth day in a row demonstrating a strong positive trend. The pair stopped at the head-spinning high of 0.8700 not seen since summer 2011. The kiwi is in demand due to rather hawkish RBNZ stance coupled with UD Dollar weakness across the board. Daily charts show no sighs of reversal yet, but on the intraday basis the correction is not out of the questions. The resistance of 0.8700 is very strong, it means that the bulls will need to retread before a new assault. On the downside keep an eye at 0.8680 and 0.8660.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8701 [Last Price], 0.8709 (Daily High), 0.8709 (Daily Classic R1), 0.8742 (Daily Classic R2), 0.8795 (Weekly Classic R2) and 0.8800 (Daily Classic R3).
Below, we can see support at 0.8697 (Weekly Classic R1), 0.8683 (Yesterday's High), 0.8677 (Daily Open), 0.8677 (Monthly High) and 0.8677 (Weekly High).
Kiwi defies the law of gravity
NZD/USD has been growing for the fourth day in a row demonstrating a strong positive trend. The pair stopped at the head-spinning high of 0.8700 not seen since summer 2011. The kiwi is in demand due to rather hawkish RBNZ stance coupled with UD Dollar weakness across the board. Daily charts show no sighs of reversal yet, but on the intraday basis the correction is not out of the questions. The resistance of 0.8700 is very strong, it means that the bulls will need to retread before a new assault. On the downside keep an eye at 0.8680 and 0.8660.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8701 [Last Price], 0.8709 (Daily High), 0.8709 (Daily Classic R1), 0.8742 (Daily Classic R2), 0.8795 (Weekly Classic R2) and 0.8800 (Daily Classic R3).
Below, we can see support at 0.8697 (Weekly Classic R1), 0.8683 (Yesterday's High), 0.8677 (Daily Open), 0.8677 (Monthly High) and 0.8677 (Weekly High).