3 Feb 2014
Exporter demand pushed NZD/USD above the resistance of 0.8100
FXstreet.com (Moscow) - NZD/USD bulls got up early and pushed the currency pair above the key resistance of 0.8100 to the current levels of 0.8115, where the short-term upside dynamic ran out of steam.
Kiwi is in disgrace
The kiwi dollar was smashed down by the decision of the RBNZ to hold Official Cash Rate at a record-low 2.5% and the comments of the Governor Wheeler that the exchange rate prevents the economy from growing. NZD/USD dropped below the significant support area of 0.8100, and the longer term sentiments towards kiwi turned sour. The exporters’ demand squeezed the NZD/USD higher during Asian hours, while AUD/NZD sell-off also helped the kiwi to reverse some losses against US Dollar. Chinese PMI published earlier today showed that the economic activity of the Asian Dragon continued to slow down, though the NZD/USD traders only yawned at it and went on with the assault upon resistance of 0.8100. Today the main risk events for the kiwi are the EM crisis developments and US ISM numbers. Anti-risk frenzy and better than expected US macro data are likely to push the NZD/USD lower. The levels to watch on the intraday basis: the support of 0.8037 followed by 0.8000, and the resistance of 0.8150 followed by 0.8195-0.8200.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8110, with support below at 0.8037, 0.7989 and 0.7916, with resistance above at 0.8158, 0.8231 and 0.8279. Hourly Moving Averages are mixed, with the 200SMA at 0.8243 and the daily 20EMA at 0.8241. Hourly RSI is neutral at 48.
Kiwi is in disgrace
The kiwi dollar was smashed down by the decision of the RBNZ to hold Official Cash Rate at a record-low 2.5% and the comments of the Governor Wheeler that the exchange rate prevents the economy from growing. NZD/USD dropped below the significant support area of 0.8100, and the longer term sentiments towards kiwi turned sour. The exporters’ demand squeezed the NZD/USD higher during Asian hours, while AUD/NZD sell-off also helped the kiwi to reverse some losses against US Dollar. Chinese PMI published earlier today showed that the economic activity of the Asian Dragon continued to slow down, though the NZD/USD traders only yawned at it and went on with the assault upon resistance of 0.8100. Today the main risk events for the kiwi are the EM crisis developments and US ISM numbers. Anti-risk frenzy and better than expected US macro data are likely to push the NZD/USD lower. The levels to watch on the intraday basis: the support of 0.8037 followed by 0.8000, and the resistance of 0.8150 followed by 0.8195-0.8200.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8110, with support below at 0.8037, 0.7989 and 0.7916, with resistance above at 0.8158, 0.8231 and 0.8279. Hourly Moving Averages are mixed, with the 200SMA at 0.8243 and the daily 20EMA at 0.8241. Hourly RSI is neutral at 48.