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22 May 2014
NZD/USD defending the lows of trendline
FXStreet (Guatemala) - NZD/USD is trading at 0.8573, down -0.02% on the day, having posted a daily high at 0.8580 and low at 0.8568.
We have seen a bounce in the NZD post the FOMC minutes, but that was short lived while the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bullish. There is not anything in particular for note in direct relation to New Zealand today, although, as Sean Callow at Westpac Banking Corporation ABN suggests, “Asia’s key release is the ‘flash’ May reading on the China manufacturing PMI from HSBC/Markit (11:45amSyd/9:45am local). This survey continues to run well below the official version, printing at 48.1 in April versus 50.4 for the much larger official survey. AUD, NZD and Asian currencies remain sensitive to this report though, so any notable divergence from the 48.3 median forecast will spark a response”. On the hourly NZD/USD chart, the 200 SMA is declining and currently at 0.8579, down from the previous hour close at 0.8625.
NZD/USD Levels
Current price is 0.8574, with resistance ahead at 0.8575 (Daily Open), 0.8580 (Daily High), 0.8590 (Daily Classic PP), 0.8592 (Weekly Classic S1) and 0.8596 (Yesterday's High). Next support to the downside can be found at 0.8574 (Weekly Low), 0.8568 (Daily Low), 0.8564 (Hourly 20 EMA), 0.8555 (Weekly Classic S2) and 0.8545 (Daily Classic S1).
NZD/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.
We have seen a bounce in the NZD post the FOMC minutes, but that was short lived while the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bullish. There is not anything in particular for note in direct relation to New Zealand today, although, as Sean Callow at Westpac Banking Corporation ABN suggests, “Asia’s key release is the ‘flash’ May reading on the China manufacturing PMI from HSBC/Markit (11:45amSyd/9:45am local). This survey continues to run well below the official version, printing at 48.1 in April versus 50.4 for the much larger official survey. AUD, NZD and Asian currencies remain sensitive to this report though, so any notable divergence from the 48.3 median forecast will spark a response”. On the hourly NZD/USD chart, the 200 SMA is declining and currently at 0.8579, down from the previous hour close at 0.8625.
NZD/USD Levels
Current price is 0.8574, with resistance ahead at 0.8575 (Daily Open), 0.8580 (Daily High), 0.8590 (Daily Classic PP), 0.8592 (Weekly Classic S1) and 0.8596 (Yesterday's High). Next support to the downside can be found at 0.8574 (Weekly Low), 0.8568 (Daily Low), 0.8564 (Hourly 20 EMA), 0.8555 (Weekly Classic S2) and 0.8545 (Daily Classic S1).
NZD/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.