17 Jul 2014
NZD/USD: trouble comes in threes
FXStreet (Moscow) - NZD/USD bears try to hold ground below the pivotal level of 0.8700; the pair is under pressure in Asia as it opened at 0.8714 and dipped to current low of 0.8686.
Milky way leads down
NZD/USD has more room to fall, once it is firmly below 0.8700 level. Global dairy auction prices continue to slide, undermining the prospective revenues of New Zealand farmers, and making the rate hike on July meeting less viable. ANZ published somewhat positive consumer confidence data (the index rose to 132.7 in July from 131.9 in June), that helped kiwi to recover from Asian lows, but the upside momentum failed to gain traction. Later during the day NZD/USD is likely to be rangebound with downside bias. The initial support is seen at 0.8685/70 and followed by 0.8650. The resistance is still at 0.8700.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8688, and next resistance can be seen at 0.8689 (Yesterday's Low), 0.8711 (Hourly 20 EMA), 0.8712 (Daily Open), 0.8712 (Weekly Low) and 0.8722 (Daily High).
Support below can be found at 0.8687 (Daily Low), 0.8677 (Daily Classic S1), 0.8663 (Weekly Classic S2), 0.8659 (Monthly Low) and 0.8641 (Daily Classic S2).
Milky way leads down
NZD/USD has more room to fall, once it is firmly below 0.8700 level. Global dairy auction prices continue to slide, undermining the prospective revenues of New Zealand farmers, and making the rate hike on July meeting less viable. ANZ published somewhat positive consumer confidence data (the index rose to 132.7 in July from 131.9 in June), that helped kiwi to recover from Asian lows, but the upside momentum failed to gain traction. Later during the day NZD/USD is likely to be rangebound with downside bias. The initial support is seen at 0.8685/70 and followed by 0.8650. The resistance is still at 0.8700.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8688, and next resistance can be seen at 0.8689 (Yesterday's Low), 0.8711 (Hourly 20 EMA), 0.8712 (Daily Open), 0.8712 (Weekly Low) and 0.8722 (Daily High).
Support below can be found at 0.8687 (Daily Low), 0.8677 (Daily Classic S1), 0.8663 (Weekly Classic S2), 0.8659 (Monthly Low) and 0.8641 (Daily Classic S2).