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22 May 2014
NZD/USD is on mend, 0.8590/00 resistance is within reach
FXStreet (Moscow) - NZD/USDhas taken off from the Asian low of 0.8554 and climbed to 0.8583 on the back of higher than expected inflation data and positive labour market report.
Kiwi needs to have a rest
The pair is not far away from its April lows, and already seen all the key releases able to trigger some moves this week. ANZ Jobs and Consumer Confidence showed upbeat conditions in the labour market and confidence near the record highs in March. The recently released Inflation Expectations report confirmed the rising inflation pressure at 2.4% vs. RBNZ target 2%). Thus, the pair may switch to consolidation mood with 0.8590/00 resistance serving as the upper limit of the range, and the 0.8530 support – as the bottom.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8582, and next resistance can be seen at 0.8585 (Daily High), 0.8592 (Weekly Classic S1), 0.8596 (Yesterday's High), 0.8602 (Daily Classic R1) and 0.8606 (Hourly 100 SMA).
Support below can be found at 0.8575 (Daily Open), 0.8574 (Weekly Low), 0.8570 (Daily Classic PP), 0.8566 (Hourly 20 EMA) and 0.8555 (Weekly Classic S2).
Kiwi needs to have a rest
The pair is not far away from its April lows, and already seen all the key releases able to trigger some moves this week. ANZ Jobs and Consumer Confidence showed upbeat conditions in the labour market and confidence near the record highs in March. The recently released Inflation Expectations report confirmed the rising inflation pressure at 2.4% vs. RBNZ target 2%). Thus, the pair may switch to consolidation mood with 0.8590/00 resistance serving as the upper limit of the range, and the 0.8530 support – as the bottom.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8582, and next resistance can be seen at 0.8585 (Daily High), 0.8592 (Weekly Classic S1), 0.8596 (Yesterday's High), 0.8602 (Daily Classic R1) and 0.8606 (Hourly 100 SMA).
Support below can be found at 0.8575 (Daily Open), 0.8574 (Weekly Low), 0.8570 (Daily Classic PP), 0.8566 (Hourly 20 EMA) and 0.8555 (Weekly Classic S2).