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10 Jun 2014
NZD/USD bulls are desperate to clear 0.8500 resistance
FXStreet (Moscow) - NZD/USD is actively trying to go past 0.8500 resistance, but this level seems to be a hard nut to crack.
RBNZ is in focus
No meaningful kiwi-related fundamental reports scheduled for today suggest that NZD/USD will be left at the mercy of technical factors and speculations about RBNZ monetary policy decision to be announced on Thursday. The pair is desperate to close above 0.8500 pivot on daily basis, though numerous attempts has been a complete failure so far. NZD/USD might break above this resistance and move to the next bullish target at 0.8530 during the day, but rather dovish expectations about RBNZ future policy might cap the upside.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8500, and next resistance can be seen at 0.8501 (Weekly High), 0.8502 (Daily Classic PP), 0.8507 (Daily High), 0.8524 (Daily Classic R1) and 0.8526 (Daily 20 SMA).
Support below can be found at 0.8500 (Hourly 20 EMA), 0.8494 (Daily Open), 0.8491 (Daily Low), 0.8487 (Daily 100 SMA) and 0.8486 (Weekly Classic PP).
RBNZ is in focus
No meaningful kiwi-related fundamental reports scheduled for today suggest that NZD/USD will be left at the mercy of technical factors and speculations about RBNZ monetary policy decision to be announced on Thursday. The pair is desperate to close above 0.8500 pivot on daily basis, though numerous attempts has been a complete failure so far. NZD/USD might break above this resistance and move to the next bullish target at 0.8530 during the day, but rather dovish expectations about RBNZ future policy might cap the upside.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8500, and next resistance can be seen at 0.8501 (Weekly High), 0.8502 (Daily Classic PP), 0.8507 (Daily High), 0.8524 (Daily Classic R1) and 0.8526 (Daily 20 SMA).
Support below can be found at 0.8500 (Hourly 20 EMA), 0.8494 (Daily Open), 0.8491 (Daily Low), 0.8487 (Daily 100 SMA) and 0.8486 (Weekly Classic PP).