17 Jun 2014
NZD/USD is drifting down the river towards 0.8660 support
FXStreet (Moscow) - NZD/USD is moving down as kiwi bulls are not ready to attack 0.8700 resistance yet. The pair opened at 0.8670 and retreated to current levels of 0.8665.
0.8700 is the limit
Kiwi bulls don’t leave hope to get above 0.8700, though their dreams remain unfeasible so far. There is nothing interesting to dwell upon from the fundamental perspective as the macroeconomic calendar is next to empty. Late in the evening New Zealand publishes current account and trade balance data that will hardly be able to impress investors strong enough to change the current picture.Most likely, NZD/USD will play by technical rules on Tuesday. Watch carefully 0.8700 resistance as investors may be inclined to sell on approach to this strong resistance level. The dips could be limited by 0.8650 and 0.8640.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8657, and next resistance can be seen at 0.8659 (Yesterday's Low), 0.8673 (Hourly 20 EMA), 0.8675 (Daily Open), 0.8678 (Daily Classic PP) and 0.8686 (Daily High).
Next support to the downside can be found at 0.8656 (Daily Classic S1), 0.8652 (Daily Low), 0.8639 (Hourly 100 SMA), 0.8636 (Daily Classic S2) and 0.8618 (Weekly Classic PP).
Regarding candlestick formations, we can see Hammer formation on the 1-hour .
0.8700 is the limit
Kiwi bulls don’t leave hope to get above 0.8700, though their dreams remain unfeasible so far. There is nothing interesting to dwell upon from the fundamental perspective as the macroeconomic calendar is next to empty. Late in the evening New Zealand publishes current account and trade balance data that will hardly be able to impress investors strong enough to change the current picture.Most likely, NZD/USD will play by technical rules on Tuesday. Watch carefully 0.8700 resistance as investors may be inclined to sell on approach to this strong resistance level. The dips could be limited by 0.8650 and 0.8640.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8657, and next resistance can be seen at 0.8659 (Yesterday's Low), 0.8673 (Hourly 20 EMA), 0.8675 (Daily Open), 0.8678 (Daily Classic PP) and 0.8686 (Daily High).
Next support to the downside can be found at 0.8656 (Daily Classic S1), 0.8652 (Daily Low), 0.8639 (Hourly 100 SMA), 0.8636 (Daily Classic S2) and 0.8618 (Weekly Classic PP).
Regarding candlestick formations, we can see Hammer formation on the 1-hour .