2 Jun 2014
NZD/USD bears ar determined to take out 0.8470 support
FXStreet (Moscow) - NZD/USD opened the new week at 0.8488 and slid to the current Asian low of 0.8473, the bearish momentum is still strong.
Poor Kiwi!
Kiwi made a feeble attempt to recover losses in the end of the previous week to no success as NZD/USD finished week below the pivotal level of 0.8500. As New Zealand macroeconomics calendar is next to empty, the pair will live by technical and speculative rules, where the sustained loss of 0.85 handle mean a deeper decline. The next important bearish target is seen at 0.8451 (this is the low of May 29). Most likely, this libel won’t be taken out at first attempt and the pair may rebound to 0.8500.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8476, and next resistance can be seen at 0.8479 (Daily 100 SMA), 0.8485 (Monthly Low), 0.8485 (Weekly Low), 0.8486 (Hourly 20 EMA) and 0.8492 (Daily Open).
Support below can be found at 0.8475 (Daily Classic S1), 0.8474 (Daily Low), 0.8472 (Yesterday's Low), 0.8450 (Daily Classic S2) and 0.8440 (Weekly Classic S1).
Poor Kiwi!
Kiwi made a feeble attempt to recover losses in the end of the previous week to no success as NZD/USD finished week below the pivotal level of 0.8500. As New Zealand macroeconomics calendar is next to empty, the pair will live by technical and speculative rules, where the sustained loss of 0.85 handle mean a deeper decline. The next important bearish target is seen at 0.8451 (this is the low of May 29). Most likely, this libel won’t be taken out at first attempt and the pair may rebound to 0.8500.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8476, and next resistance can be seen at 0.8479 (Daily 100 SMA), 0.8485 (Monthly Low), 0.8485 (Weekly Low), 0.8486 (Hourly 20 EMA) and 0.8492 (Daily Open).
Support below can be found at 0.8475 (Daily Classic S1), 0.8474 (Daily Low), 0.8472 (Yesterday's Low), 0.8450 (Daily Classic S2) and 0.8440 (Weekly Classic S1).