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30 May 2014
NZD/USD bulls failed to keep ground able 0.8500
FXStreet (Moscow) - NZD/USD climbed to the intraday high of 0.8513 in Asia, but the upside movement was not sustained as the pair dipped below the pivotal support of 0.8500 to 0.8477.
Down the drain
Kiwi is somewhat hesitant after a plunge to 0.8452 yesterday (this is the lowest level since the middle of May). The pair is getting ready to finish the second consecutive week in decline, while a clear weekly floe below 0.8500 will denote that bearish dynamic is gathering pace. On the intraday basis, positive New Zealand Money Supply data may provide Kiwi with short-term support, but it is not a game changer. Keep an eye at 0.8500. The pair will enter a consolidation base is it manages to settle above this level.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8503, and next resistance can be seen at 0.8510 (Yesterday's High), 0.8513 (Daily Classic R1), 0.8513 (Daily High), 0.8521 (Hourly 100 SMA) and 0.8540 (Daily Classic R2).
To the downside we see next support at 0.8499 (Weekly Classic S1), 0.8487 (Hourly 20 EMA), 0.8485 (Daily Open), 0.8485 (Monthly Low) and 0.8485 (Weekly Low).
Regarding candlestick formations, we can see Doji formation on the 1-hour .
Down the drain
Kiwi is somewhat hesitant after a plunge to 0.8452 yesterday (this is the lowest level since the middle of May). The pair is getting ready to finish the second consecutive week in decline, while a clear weekly floe below 0.8500 will denote that bearish dynamic is gathering pace. On the intraday basis, positive New Zealand Money Supply data may provide Kiwi with short-term support, but it is not a game changer. Keep an eye at 0.8500. The pair will enter a consolidation base is it manages to settle above this level.
What price levels and patterns have to be considered?
Spot is presently trading at 0.8503, and next resistance can be seen at 0.8510 (Yesterday's High), 0.8513 (Daily Classic R1), 0.8513 (Daily High), 0.8521 (Hourly 100 SMA) and 0.8540 (Daily Classic R2).
To the downside we see next support at 0.8499 (Weekly Classic S1), 0.8487 (Hourly 20 EMA), 0.8485 (Daily Open), 0.8485 (Monthly Low) and 0.8485 (Weekly Low).
Regarding candlestick formations, we can see Doji formation on the 1-hour .