18 Jun 2014
NZD/USD is hiding somewhere at 0.8660
FXStreet (Moscow) - NZD/USD is sandwiched between 0.8655 support and 0.8670 resistance early in Asia as investors are waiting for FOMC meeting
Will kiwi bulls be disappointed?
Actually, kiwi is going around in circles this week as the New Zealand’s 1st quarter GDP report looms large. Markets are unlikely to make hard and fast decisions until they get the numbers that are published late in the evening today. According to the forecast, we are to see a substantial increase, that might provide the kiwi bulls with the incentive to have another go at 0.8700 resistance. Though, keep in mind that positive news is already priced in, so without a positive surprise the reaction might be muted or short-lived.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8664, and next resistance can be seen at 0.8664 (Hourly 100 SMA), 0.8670 (Daily High), 0.8682 (Daily Classic R1), 0.8686 (Yesterday's High) and 0.8688 (Monthly High).
Support below can be found at 0.8661 (Daily Classic PP), 0.8660 (Hourly 20 EMA), 0.8659 (Daily Open), 0.8652 (Daily Low) and 0.8641 (Yesterday's Low).
Will kiwi bulls be disappointed?
Actually, kiwi is going around in circles this week as the New Zealand’s 1st quarter GDP report looms large. Markets are unlikely to make hard and fast decisions until they get the numbers that are published late in the evening today. According to the forecast, we are to see a substantial increase, that might provide the kiwi bulls with the incentive to have another go at 0.8700 resistance. Though, keep in mind that positive news is already priced in, so without a positive surprise the reaction might be muted or short-lived.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8664, and next resistance can be seen at 0.8664 (Hourly 100 SMA), 0.8670 (Daily High), 0.8682 (Daily Classic R1), 0.8686 (Yesterday's High) and 0.8688 (Monthly High).
Support below can be found at 0.8661 (Daily Classic PP), 0.8660 (Hourly 20 EMA), 0.8659 (Daily Open), 0.8652 (Daily Low) and 0.8641 (Yesterday's Low).