1 May 2014
NZD/USD take pains to stay above 0.8600
FXStreet (Moscow) - NZD/USD consolidates yesterday’s gains early in Asia, staying firmly above 0.8600 pivot
Kiwi learns to fly anew
NZD/USD bulls proved that it was too early to shrug them off as they managed to take the pair above 0.8600 pivot to Wednesday’s highs at 0.8633. The kiwi finished the day above this level, which brightens its future significantly, and strengthens our view that NZD/USD have bottomed out at 0.8516. The pair gained support on the back of below expectations US GDP numbers. FOMC meeting was a non-event, so today the market will be focused on Yellen’s speech in Washington as well as on personal income and personal spending reports in hopes to get more clues about the state of the US economy. US currency may reverse yesterday losses should the data come out in line or better than expected. From the technical point of view, watch for 0.8600 level as it is vital for the bulls.
What are today’s key NZD/USD levels?
Current price is 0.8610, with resistance ahead at 0.8617 (Daily Open), 0.8617 (Weekly High), 0.8628 (Daily High), 0.8631 (Weekly Classic R1) and 0.8633 (Yesterday's High).
Support below can be found at 0.8603 (Daily Low), 0.8599 (Daily Classic PP), 0.8598 (Hourly 20 EMA), 0.8591 (Daily 20 SMA) and 0.8588 (Weekly Classic PP).
Kiwi learns to fly anew
NZD/USD bulls proved that it was too early to shrug them off as they managed to take the pair above 0.8600 pivot to Wednesday’s highs at 0.8633. The kiwi finished the day above this level, which brightens its future significantly, and strengthens our view that NZD/USD have bottomed out at 0.8516. The pair gained support on the back of below expectations US GDP numbers. FOMC meeting was a non-event, so today the market will be focused on Yellen’s speech in Washington as well as on personal income and personal spending reports in hopes to get more clues about the state of the US economy. US currency may reverse yesterday losses should the data come out in line or better than expected. From the technical point of view, watch for 0.8600 level as it is vital for the bulls.
What are today’s key NZD/USD levels?
Current price is 0.8610, with resistance ahead at 0.8617 (Daily Open), 0.8617 (Weekly High), 0.8628 (Daily High), 0.8631 (Weekly Classic R1) and 0.8633 (Yesterday's High).
Support below can be found at 0.8603 (Daily Low), 0.8599 (Daily Classic PP), 0.8598 (Hourly 20 EMA), 0.8591 (Daily 20 SMA) and 0.8588 (Weekly Classic PP).