21 Jul 2014
NZD/USD bulls are fighting at 0.8700 resistance
FXStreet (Moscow) - NZD/USD bullish momentum seems to have stalled above 0.8700 resistance as the pair touched the Asian high at 0.8711 and retraced to current level of 0.8707.
Kiwi learns to fly anew
NZD/USD made a good progress on Monday morning after sliding to 0.8649 low during the previous week. The support of 0.8650 proved to be strong enough to stop the bearish assault , while doji coupled with tweezers that appeared on daily charts following Friday moves support the idea of bullish correction. Though we still need a positive daily close for confirmation. On the short-term basis kiwi bulls might be discouraged by 0.8700 resistance as news selling interest is spotted above this level.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8708, and next resistance can be seen at 0.8719 (Hourly 100 SMA), 0.8720 (Weekly Classic PP), 0.8722 (Daily High), 0.8726 (Daily Classic R2) and 0.8734 (Daily 20 SMA).
Support below can be found at 0.8706 (Daily Classic R1), 0.8703 (Daily Open), 0.8697 (Yesterday's High), 0.8690 (Hourly 20 EMA) and 0.8690 (Daily Low).
Kiwi learns to fly anew
NZD/USD made a good progress on Monday morning after sliding to 0.8649 low during the previous week. The support of 0.8650 proved to be strong enough to stop the bearish assault , while doji coupled with tweezers that appeared on daily charts following Friday moves support the idea of bullish correction. Though we still need a positive daily close for confirmation. On the short-term basis kiwi bulls might be discouraged by 0.8700 resistance as news selling interest is spotted above this level.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8708, and next resistance can be seen at 0.8719 (Hourly 100 SMA), 0.8720 (Weekly Classic PP), 0.8722 (Daily High), 0.8726 (Daily Classic R2) and 0.8734 (Daily 20 SMA).
Support below can be found at 0.8706 (Daily Classic R1), 0.8703 (Daily Open), 0.8697 (Yesterday's High), 0.8690 (Hourly 20 EMA) and 0.8690 (Daily Low).