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23 May 2014
NZD/USD is marginally higher, but 0.8580 resistance is still a distant goal
FXStreet (Moscow) - NZD/USD is confined to a narrow range limited by 0.8575 on the upside and 0.8555; currently trading at 0.8567.
Will 0.85 become a spring board again?
The pair continues to slide down, although the yesterday data showed the forecasted by RBNZ inflation was revised higher to 2.36% from 2.33%. For now, the expectations of less aggressive monetary stance of the regulator are the key factor of pressure for the kiwi. The pair is close to strong support area around 0.85 which was not seen since early March. Thus, the chances of another rebound from this spring board are quite high. If so, the next target to the upside may come at 8580/90 resistance level.
What price levels and patterns have to be considered?
Current price is 0.8571, with resistance ahead at 0.8575 (Daily High), 0.8586 (Daily Classic R1), 0.8589 (Hourly 100 SMA), 0.8590 (Yesterday's High) and 0.8592 (Weekly Classic S1).
Next support to the downside can be found at 0.8569 (Daily Classic PP), 0.8566 (Hourly 20 EMA), 0.8566 (Daily Open), 0.8565 (Weekly Low) and 0.8555 (Weekly Classic S2).
Will 0.85 become a spring board again?
The pair continues to slide down, although the yesterday data showed the forecasted by RBNZ inflation was revised higher to 2.36% from 2.33%. For now, the expectations of less aggressive monetary stance of the regulator are the key factor of pressure for the kiwi. The pair is close to strong support area around 0.85 which was not seen since early March. Thus, the chances of another rebound from this spring board are quite high. If so, the next target to the upside may come at 8580/90 resistance level.
What price levels and patterns have to be considered?
Current price is 0.8571, with resistance ahead at 0.8575 (Daily High), 0.8586 (Daily Classic R1), 0.8589 (Hourly 100 SMA), 0.8590 (Yesterday's High) and 0.8592 (Weekly Classic S1).
Next support to the downside can be found at 0.8569 (Daily Classic PP), 0.8566 (Hourly 20 EMA), 0.8566 (Daily Open), 0.8565 (Weekly Low) and 0.8555 (Weekly Classic S2).