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10 Mar 2014
NZD/USD has taken a pause at the support level of 0.8460
FXStreet (Moscow) - NZD/USD spiked to the current Asian maximum at 0.8482, but obviously was not able to push higher to the pivotal 0.8500 and retraced to the support level at 0.8460.
Is the kiwi reached its limit?
NZD/USD finished the week in a green zone. The bulls dared to stick their heads above the resistance of.0.8500 (the weekly high is set at 0.8524), but, finally decided that the time is not ripe yet. No wonder, as the pair looks heavily overbought on daily charts. The bearish candle of the last trading day of the week implies that the downside correction might get traction and take kiwi at least to 0.8400. From the fundamental point of view there is nothing interesting for the pair, nothing that could possibly trigger the market reactions (except poorly predictable geopolitical events, of course), so the intraday movements are likely to be influenced by technical factors and position adjustment before RBNZ monetary policy meeting scheduled on Thursday. The first important support comes at 0.8400-0.8380. If it is clearly broken, the downside will accelerate to 0.8360. The resistance is seen at 0.8500 and the bulls will have a hard time taking it out.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8477, with support below at 0.8430, 0.8398 and 0.83251, with resistance above at 0.8509, 0.8566 and 0.8588. Hourly Moving Averages are mixed, with the 200SMA at 0.8391 and the daily 20EMA at 0.8355. Hourly RSI is neutral at 45.
Is the kiwi reached its limit?
NZD/USD finished the week in a green zone. The bulls dared to stick their heads above the resistance of.0.8500 (the weekly high is set at 0.8524), but, finally decided that the time is not ripe yet. No wonder, as the pair looks heavily overbought on daily charts. The bearish candle of the last trading day of the week implies that the downside correction might get traction and take kiwi at least to 0.8400. From the fundamental point of view there is nothing interesting for the pair, nothing that could possibly trigger the market reactions (except poorly predictable geopolitical events, of course), so the intraday movements are likely to be influenced by technical factors and position adjustment before RBNZ monetary policy meeting scheduled on Thursday. The first important support comes at 0.8400-0.8380. If it is clearly broken, the downside will accelerate to 0.8360. The resistance is seen at 0.8500 and the bulls will have a hard time taking it out.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8477, with support below at 0.8430, 0.8398 and 0.83251, with resistance above at 0.8509, 0.8566 and 0.8588. Hourly Moving Averages are mixed, with the 200SMA at 0.8391 and the daily 20EMA at 0.8355. Hourly RSI is neutral at 45.