10 Jul 2014
NZD/USD is under pressure, 0.8800 pivot is within reach
FXStreet (Moscow) - NZD/USD has retreated from new year high at 0.8828 set on Wednesday, and touched the current Asian low at 88.13; the bearish momentum remains strong.
Bulls used their chance
Kiwi bulls are tough guys as the managed to get the currency to new 12m high at 0.8828 and settle above 0.8800. In all fairness it has to be added that the bulk of the upside was caused by dovish FOMC minutes that failed to support the idea of early FED hiking. Anyway, the fact that NZD/USD finished the day eel above the pivotal 0.8800 level tilts the technical scale to the bullish side. We have little of interest from the fundamental point of view today, so the pair will be influenced by general USD sentiments that might improve slightly later during the day, if jobless claims data come out better than expected.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8820, and next resistance can be seen at 0.8823 (Daily Open), 0.8823 (Monthly High), 0.8823 (Weekly High), 0.8823 (Annual High) and 0.8823 (3 Year High).
Support below can be found at 0.8814 (Daily Low), 0.8812 (Hourly 20 EMA), 0.8811 (Daily Classic PP), 0.8792 (Daily Classic S1) and 0.8784 (Weekly Classic R1).
Regarding candlestick formations, we can see Hammer formation on the 1-hour .
Bulls used their chance
Kiwi bulls are tough guys as the managed to get the currency to new 12m high at 0.8828 and settle above 0.8800. In all fairness it has to be added that the bulk of the upside was caused by dovish FOMC minutes that failed to support the idea of early FED hiking. Anyway, the fact that NZD/USD finished the day eel above the pivotal 0.8800 level tilts the technical scale to the bullish side. We have little of interest from the fundamental point of view today, so the pair will be influenced by general USD sentiments that might improve slightly later during the day, if jobless claims data come out better than expected.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8820, and next resistance can be seen at 0.8823 (Daily Open), 0.8823 (Monthly High), 0.8823 (Weekly High), 0.8823 (Annual High) and 0.8823 (3 Year High).
Support below can be found at 0.8814 (Daily Low), 0.8812 (Hourly 20 EMA), 0.8811 (Daily Classic PP), 0.8792 (Daily Classic S1) and 0.8784 (Weekly Classic R1).
Regarding candlestick formations, we can see Hammer formation on the 1-hour .