29 May 2014
NZD/USD rises back above 0.8500
FXStreet (Córdoba) - The NZD/USD finally gathered momentum and is recovering from daily lows during the European session, as the dollar weakens across the board ahead of a string of US data to be release next NY session.
Following a phase of quiet consolidation, the New Zealand dollar managed to rise back above 0.8500 and reached a high of 0.8507 in recent dealings. With many European countries on Ascension Day holiday, liquidity may lack until next American session with investors focus turning to the US Q1 GDP revision as well as to jobless claims and pending home sales data.
NZD/USD levels to watch
At time of writing, the NZD/USD is trading at the 0.8505 zone, recording a 0.15% gain Thursday, after dropping 0.78% the previous day. As for technical levels, next resistances are seen at 0.8560 (10-day SMA) and 0.8570 (May 28 high). On the flip side, supports could be found at 0.8476 (May 29 low/100-day SMA), 0.8469 (May 28 low) and 0.8433 (Mar 12 low).
Following a phase of quiet consolidation, the New Zealand dollar managed to rise back above 0.8500 and reached a high of 0.8507 in recent dealings. With many European countries on Ascension Day holiday, liquidity may lack until next American session with investors focus turning to the US Q1 GDP revision as well as to jobless claims and pending home sales data.
NZD/USD levels to watch
At time of writing, the NZD/USD is trading at the 0.8505 zone, recording a 0.15% gain Thursday, after dropping 0.78% the previous day. As for technical levels, next resistances are seen at 0.8560 (10-day SMA) and 0.8570 (May 28 high). On the flip side, supports could be found at 0.8476 (May 29 low/100-day SMA), 0.8469 (May 28 low) and 0.8433 (Mar 12 low).