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16 May 2014
NZD/USD bulls don't give up, attacking 0.8650 resistance
FXStreet (Moscow) - NZD/USD is trading at 0.8653, after touching current Asian low of 0.8635; short-term bullish bias is gaining traction.
No intervention - good news for carry traders
NZD/USD climbed to 0.8696 on Thursday, but the movement was not sustained and it finished the day at to 0.8650 after touching intraday low at 0.8627. Pretty volatile day caused by NZ FinMin English comments that dampened intervention threat. The pair may spend Friday consolidating around current levels as investors need a good trigger to get kiwi out of the range. US macroeconomic publications scheduled for today (namely, housing starts and University of Michigan sentiments) might affect NZD/USD dynamics, though the break through from the range is unlikely.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8654, and next resistance can be seen at 0.8655 (Daily Classic PP), 0.8656 (Daily High), 0.8659 (Hourly 200 SMA), 0.8665 (Weekly Classic PP) and 0.8668 (Weekly High).
Next support to the downside can be found at 0.8649 (Hourly 20 EMA), 0.8643 (Hourly 100 SMA), 0.8643 (Daily Open), 0.8635 (Daily Low) and 0.8630 (Daily 20 SMA).
No intervention - good news for carry traders
NZD/USD climbed to 0.8696 on Thursday, but the movement was not sustained and it finished the day at to 0.8650 after touching intraday low at 0.8627. Pretty volatile day caused by NZ FinMin English comments that dampened intervention threat. The pair may spend Friday consolidating around current levels as investors need a good trigger to get kiwi out of the range. US macroeconomic publications scheduled for today (namely, housing starts and University of Michigan sentiments) might affect NZD/USD dynamics, though the break through from the range is unlikely.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8654, and next resistance can be seen at 0.8655 (Daily Classic PP), 0.8656 (Daily High), 0.8659 (Hourly 200 SMA), 0.8665 (Weekly Classic PP) and 0.8668 (Weekly High).
Next support to the downside can be found at 0.8649 (Hourly 20 EMA), 0.8643 (Hourly 100 SMA), 0.8643 (Daily Open), 0.8635 (Daily Low) and 0.8630 (Daily 20 SMA).