13 Sep 2013
NZD/USD faces formidable 0.8150/70 tech resistance
FXstreet.com (Barcelona) - NZD/USD is trading at session lows ahead of the European session, as buyers appear to take some profits off the table after systematic failures to break above the 0.8150/60 resistance zone.
Perfect bullish storm hit the NZD/USD
The latest 2-week long upward momentum in the Kiwi has been met with few challengers, in what may be seen as a 'perfect bullish storm' since bottoming out at 0.77 late Aug. The realization that the RBNZ is determined to hike rates by neat year, coupled with risk-takers making a comeback on the eases of geopolitical tensions, allowed NZD buyers to capitalize on it.
NZD/USD technical levels
Technically speaking, ahead of the FOMC on Sept 17, the pair looks poised to consolidate its recent gains, with pullbacks expected to be shallow, if coming at all. Today in Asia, the Kiwi found support at 0.81 round number, with a break lower likely to meet further demand at 0.8080 static support - Sept 11 intraday hgihs - ahead of 0.8050. On the upside, 0.8150/70 is the area to overcome, an important level, as it converges with the 50% fib retrac from the April-July decline.
Perfect bullish storm hit the NZD/USD
The latest 2-week long upward momentum in the Kiwi has been met with few challengers, in what may be seen as a 'perfect bullish storm' since bottoming out at 0.77 late Aug. The realization that the RBNZ is determined to hike rates by neat year, coupled with risk-takers making a comeback on the eases of geopolitical tensions, allowed NZD buyers to capitalize on it.
NZD/USD technical levels
Technically speaking, ahead of the FOMC on Sept 17, the pair looks poised to consolidate its recent gains, with pullbacks expected to be shallow, if coming at all. Today in Asia, the Kiwi found support at 0.81 round number, with a break lower likely to meet further demand at 0.8080 static support - Sept 11 intraday hgihs - ahead of 0.8050. On the upside, 0.8150/70 is the area to overcome, an important level, as it converges with the 50% fib retrac from the April-July decline.