16 Apr 2014
Kiwi bears try settle below 0.8600 support level
FXStreet (Moscow) - NZD/USD is trading at 0.8593, down -0.56% on the day, having posted a daily high at 0.8650 and low at 0.8578.
Bullish trend is under threat
NZD/USD continues with its downside correction. On the longer-term charts the bullish trend is still intact, but the bears have come dangerously close to the pivotal support area of 0.8600/0.8580. Early in Asia kiwi touched the lows of 0.8578 and currently the pair trades slightly below 0.8600. It manages to close below this level on a daily basis the picture will turn definitely bearish. During European session follow geopolitical news as they might increase the downside pressure on Kiwi. In New-York, the pair will be influenced by US macro data. Housing starts and building permits are expected to improve in March. Good news would surely support the US dollar and push NZD/USD lower.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8595, and next resistance can be seen at 0.8596 (Weekly Classic S1), 0.8613 (Daily Classic S1), 0.8615 (Daily 20 SMA), 0.8625 (Yesterday's Low) and 0.8629 (Hourly 20 EMA).
Support below can be found at 0.8583 (Daily Classic S2), 0.8578 (Daily Low), 0.8541 (Daily Classic S3), 0.8531 (Monthly Low) and 0.8504 (Weekly Classic S2).
Bullish trend is under threat
NZD/USD continues with its downside correction. On the longer-term charts the bullish trend is still intact, but the bears have come dangerously close to the pivotal support area of 0.8600/0.8580. Early in Asia kiwi touched the lows of 0.8578 and currently the pair trades slightly below 0.8600. It manages to close below this level on a daily basis the picture will turn definitely bearish. During European session follow geopolitical news as they might increase the downside pressure on Kiwi. In New-York, the pair will be influenced by US macro data. Housing starts and building permits are expected to improve in March. Good news would surely support the US dollar and push NZD/USD lower.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8595, and next resistance can be seen at 0.8596 (Weekly Classic S1), 0.8613 (Daily Classic S1), 0.8615 (Daily 20 SMA), 0.8625 (Yesterday's Low) and 0.8629 (Hourly 20 EMA).
Support below can be found at 0.8583 (Daily Classic S2), 0.8578 (Daily Low), 0.8541 (Daily Classic S3), 0.8531 (Monthly Low) and 0.8504 (Weekly Classic S2).