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17 Feb 2014
NZD/USD dared to test 0.8395 resistance but failed.
FXStreet (Moscow) - NZD/USD enjoyed a smart rally early in the morning as the pair rushed above the resistance level of 0.8370 and poked at 0.8395, but strong selling interest located in 0.8390-0.8400 reversed the movement and pushed NZD/USD to 0.8376.
NZD/USD bulls have lost heart
NZD/USD had a positive week and finished it well above 0.8300, which brightens the longer-term perspectives for the New Zealand currency. Though on daily charts NZD/USD came close to the strong resistance level, so it is make-or-break situation for kiwi now. According to the report published earlier today, the retail sales grew 1.2% in the fourth quarter after miserable 0.3% growth in 3Q, ex. auto sales improved to 0.7% against -0.2 in 3Q. Disappointing news as markets expected better results. Though we believe that the short-term downside pressure on NZD/USD is more of technical nature, while the macro statistics just added some gloom. Now the former resistance 0.8370 is functioning as the nearest support for the pair. If it is broken, it may drop to 0.8350. The resistance comes at the current intraday high of 0.8395.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8362, with support below at 0.8337, 0.8204 and 0.8279, with resistance above at 0.8395, 0.8420 and 0.8453. Hourly Moving Averages are bullish, with the 200SMA at 0.8285 and the daily 20EMA at 0.8272. Hourly RSI is neutral at 67
NZD/USD bulls have lost heart
NZD/USD had a positive week and finished it well above 0.8300, which brightens the longer-term perspectives for the New Zealand currency. Though on daily charts NZD/USD came close to the strong resistance level, so it is make-or-break situation for kiwi now. According to the report published earlier today, the retail sales grew 1.2% in the fourth quarter after miserable 0.3% growth in 3Q, ex. auto sales improved to 0.7% against -0.2 in 3Q. Disappointing news as markets expected better results. Though we believe that the short-term downside pressure on NZD/USD is more of technical nature, while the macro statistics just added some gloom. Now the former resistance 0.8370 is functioning as the nearest support for the pair. If it is broken, it may drop to 0.8350. The resistance comes at the current intraday high of 0.8395.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8362, with support below at 0.8337, 0.8204 and 0.8279, with resistance above at 0.8395, 0.8420 and 0.8453. Hourly Moving Averages are bullish, with the 200SMA at 0.8285 and the daily 20EMA at 0.8272. Hourly RSI is neutral at 67