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31 Jul 2014
NZD/USD recovery attempts stalled at 0.85 handle
FXStreet (Moscow) - NZD/USD recovered to 0.8500 handle from current low at 0.8484, but bullish momentum is not strong enough to break above the resistance.
The game is up for kiwi
NZD/USD made a good attempt to recover on slightly more dovish FOMC, but failed to get above 0.8500. Wednesday’s movements proved that kiwi bears are still strong and determined to get NZD/USD lower. kiwi is absolutely wingless, but at this stage some consolidation below 0.8500 might be in store for us. If the pair manages to get above this level the upside correction might be extended to 0.8520.
What price levels and patterns have to be considered?
Current price is 0.8505, with resistance ahead at 0.8508 (Daily High), 0.8517 (Yesterday's High), 0.8518 (Daily Classic R1), 0.8529 (Hourly 100 SMA) and 0.8545 (Daily Classic R2).
Next support to the downside can be found at 0.8494 (Hourly 20 EMA), 0.8491 (Daily Open), 0.8491 (Monthly Low), 0.8491 (Weekly Low) and 0.8490 (Daily Classic PP).
The game is up for kiwi
NZD/USD made a good attempt to recover on slightly more dovish FOMC, but failed to get above 0.8500. Wednesday’s movements proved that kiwi bears are still strong and determined to get NZD/USD lower. kiwi is absolutely wingless, but at this stage some consolidation below 0.8500 might be in store for us. If the pair manages to get above this level the upside correction might be extended to 0.8520.
What price levels and patterns have to be considered?
Current price is 0.8505, with resistance ahead at 0.8508 (Daily High), 0.8517 (Yesterday's High), 0.8518 (Daily Classic R1), 0.8529 (Hourly 100 SMA) and 0.8545 (Daily Classic R2).
Next support to the downside can be found at 0.8494 (Hourly 20 EMA), 0.8491 (Daily Open), 0.8491 (Monthly Low), 0.8491 (Weekly Low) and 0.8490 (Daily Classic PP).