4 Apr 2014
NZD/USD is trying to stage an upside correction
FXStreet (Moscow) - NZD/USD spot is up 0.18% on the day and presently trading at 0.8558, after having made a daily high at 0.8564 and low at 0.8535.
Milky troubles are haunting the Kiwi
Looks like the Kiwi is going to have its first negative weekly close in more than a month. On Thursday the pair touched then low of 0.8514, but retraced to 0.8544 by the end of the day. Milky troubles still affect the pair dynamics, but from the longer term perspective this drop is no more than just a correction from strongly overbought levels. The Asian session calendar is empty today, so the traders have a chance to think things over ahead of the weekend. NZD/USD is climbing upwards, but the momentum is rather weak. The bulls need to overcome the 0.8560 hurdle to get more traction. The closest support comes at yesterdays lows of 0.8514, once it is broken, 0.8500 will come into sight.
What price levels and patterns have to be considered?
With spot trading at 0.8558, we can see next resistance ahead at 0.8564 (Daily High), 0.8579 (Daily Classic R1), 0.8582 (Yesterday's High), 0.8610 (Hourly 100 SMA) and 0.8613 (Hourly 200 SMA).
To the downside we see next support at 0.8552 (Daily 20 SMA), 0.8547 (Hourly 20 EMA), 0.8547 (Daily Classic PP), 0.8547 (Weekly Classic S1) and 0.8544 (Daily Open).
Looking to candlestick patterns, we can see a Doji formation on the 1-hour chart .
Milky troubles are haunting the Kiwi
Looks like the Kiwi is going to have its first negative weekly close in more than a month. On Thursday the pair touched then low of 0.8514, but retraced to 0.8544 by the end of the day. Milky troubles still affect the pair dynamics, but from the longer term perspective this drop is no more than just a correction from strongly overbought levels. The Asian session calendar is empty today, so the traders have a chance to think things over ahead of the weekend. NZD/USD is climbing upwards, but the momentum is rather weak. The bulls need to overcome the 0.8560 hurdle to get more traction. The closest support comes at yesterdays lows of 0.8514, once it is broken, 0.8500 will come into sight.
What price levels and patterns have to be considered?
With spot trading at 0.8558, we can see next resistance ahead at 0.8564 (Daily High), 0.8579 (Daily Classic R1), 0.8582 (Yesterday's High), 0.8610 (Hourly 100 SMA) and 0.8613 (Hourly 200 SMA).
To the downside we see next support at 0.8552 (Daily 20 SMA), 0.8547 (Hourly 20 EMA), 0.8547 (Daily Classic PP), 0.8547 (Weekly Classic S1) and 0.8544 (Daily Open).
Looking to candlestick patterns, we can see a Doji formation on the 1-hour chart .