25 Apr 2014
NZD/USD is hesitant at 0.8570
FXStreet (Moscow) - NZD/USD has recovered from Asian low of 0.8553 only to stall at the local resistance level of 0.8570.
Kiwi struggles to grow
Rate hike effect was short-lived as most good news from RBNZ had been already priced in, so NZD/USD touched the highs at 0.8638 only to finish the day deeply below 0.8600 at 0.8667. The central bank mentioned that kiwi strength is not a welcome development, but the markets were skeptical about it as this statement doe not bode well with its aggressive monetary policy. From the technical point of view, the pair needs to close above 0.8600 on daily basis to negate short-term bearish outlook. The support is seen at Asian lows of 0.8553.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8569 [Last Price], 0.8573 (Hourly 20 EMA), 0.8575 (Daily High), 0.8584 (Daily Classic PP), 0.8585 (Hourly 100 SMA) and 0.8599 (Daily 20 SMA).
Below, we can see support at 0.8567 (Weekly Low), 0.8565 (Daily Open), 0.8553 (Daily Low), 0.8546 (Yesterday's Low) and 0.8544 (Monthly Low).
Kiwi struggles to grow
Rate hike effect was short-lived as most good news from RBNZ had been already priced in, so NZD/USD touched the highs at 0.8638 only to finish the day deeply below 0.8600 at 0.8667. The central bank mentioned that kiwi strength is not a welcome development, but the markets were skeptical about it as this statement doe not bode well with its aggressive monetary policy. From the technical point of view, the pair needs to close above 0.8600 on daily basis to negate short-term bearish outlook. The support is seen at Asian lows of 0.8553.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 0.8569 [Last Price], 0.8573 (Hourly 20 EMA), 0.8575 (Daily High), 0.8584 (Daily Classic PP), 0.8585 (Hourly 100 SMA) and 0.8599 (Daily 20 SMA).
Below, we can see support at 0.8567 (Weekly Low), 0.8565 (Daily Open), 0.8553 (Daily Low), 0.8546 (Yesterday's Low) and 0.8544 (Monthly Low).