18 Jul 2014
Wounded NZD/USD knocks at 0.8680 door
FXStreet (Moscow) - NZD/USD is trying to recover from the Asian low of 0.8653, though it seems that the upside has stalled around local resistance of 0.8660.
Downed kiwi
NZD/USD dipped to the bespoke support of 0.8650 on Thursday, driven down by broadband anti-risk sentiments and clouded economic perspectives in New Zealand. There is nothing that might attract much attention in terms of macroeconomic today, so the kiwi movements is likely to be shaped by geopolitics and technical factors. The support of 0.8650 survived the first attack and trigged a sort of profit taking, though things might change dramatically, as soon as news from Ukraine and Gaza start to pour in. Once it is broken, the downside might accelerate to 0.8630 and 0.8600. The initial resistance is seen at 0.8680.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8676, and next resistance can be seen at 0.8680 (Hourly 20 EMA), 0.8681 (Daily High), 0.8685 (Daily Classic PP), 0.8706 (Daily Classic R1) and 0.8722 (Yesterday's High).
Next support to the downside can be found at 0.8670 (Daily Open), 0.8669 (Monthly Low), 0.8669 (Weekly Low), 0.8665 (Yesterday's Low) and 0.8663 (Weekly Classic S2).
Regarding candlestick formations, we can see Hammer formation on the 1-hour/
Downed kiwi
NZD/USD dipped to the bespoke support of 0.8650 on Thursday, driven down by broadband anti-risk sentiments and clouded economic perspectives in New Zealand. There is nothing that might attract much attention in terms of macroeconomic today, so the kiwi movements is likely to be shaped by geopolitics and technical factors. The support of 0.8650 survived the first attack and trigged a sort of profit taking, though things might change dramatically, as soon as news from Ukraine and Gaza start to pour in. Once it is broken, the downside might accelerate to 0.8630 and 0.8600. The initial resistance is seen at 0.8680.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8676, and next resistance can be seen at 0.8680 (Hourly 20 EMA), 0.8681 (Daily High), 0.8685 (Daily Classic PP), 0.8706 (Daily Classic R1) and 0.8722 (Yesterday's High).
Next support to the downside can be found at 0.8670 (Daily Open), 0.8669 (Monthly Low), 0.8669 (Weekly Low), 0.8665 (Yesterday's Low) and 0.8663 (Weekly Classic S2).
Regarding candlestick formations, we can see Hammer formation on the 1-hour/