6 Mar 2014
NZD/USD jigs up and down within a short-term range
FXStreet (Moscow) - Australian retail sales added some volatility to NZD/USD as the pair spiked to intraday high at 0.8430, but quickly reversed to the support area of 0.8400, though the strong demand located around that area once again sent kiwi testing the upper side of its short-term range; currently NZD/USD is trading at 0.8424.
Kiwi has broken free
NZD/USD broke above the key resistance zone of 0.8400, absorbed stops and went on growing. The pair closed at 0.8417 on Wednesday. Technically, it means that the bulls got the control over the situation and more gains may be in store for us. Today we are waiting for another batch of US labor market statistics. Some observes have already downgraded their Non-Farm Payroll due to poor employment component of non-manufacturing ISM and lower than expected ADP numbers. So weak unemployment claims report may increase the downside pressure on the USD across the board. Geopolitics still poses the risk as the conflict is not over yet. No news from Ukraine is good news, but an ugly headline may hit the headlines any moment, so be careful out there. The NZD/USD upside is likely to be limited by 0.8450, while the support at 0.8400 will cap the intraday downside.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8409, with support below at 0.8384, 0.8351 and 0.8326, with resistance above at 0.8442, 0.8467 and 0.8500. Hourly Moving Averages are bullish, with the 200SMA at 0.8354 and the daily 20EMA at 0.8330. Hourly RSI is neutral at 59.
Kiwi has broken free
NZD/USD broke above the key resistance zone of 0.8400, absorbed stops and went on growing. The pair closed at 0.8417 on Wednesday. Technically, it means that the bulls got the control over the situation and more gains may be in store for us. Today we are waiting for another batch of US labor market statistics. Some observes have already downgraded their Non-Farm Payroll due to poor employment component of non-manufacturing ISM and lower than expected ADP numbers. So weak unemployment claims report may increase the downside pressure on the USD across the board. Geopolitics still poses the risk as the conflict is not over yet. No news from Ukraine is good news, but an ugly headline may hit the headlines any moment, so be careful out there. The NZD/USD upside is likely to be limited by 0.8450, while the support at 0.8400 will cap the intraday downside.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8409, with support below at 0.8384, 0.8351 and 0.8326, with resistance above at 0.8442, 0.8467 and 0.8500. Hourly Moving Averages are bullish, with the 200SMA at 0.8354 and the daily 20EMA at 0.8330. Hourly RSI is neutral at 59.