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11 Jun 2014
NZD/USD is going to the North ahead of RBNZ
FXStreet (Moscow) - NZD/USD bulls are eager to nail down the success and develop the upside momentum above 0.8500 pivot. The pair started the day at 0.8527 and moved to 0.8543.
RBNZ is in focus
RBNZ rate decision is all the markets are interested in today. But the news will be cracked only during late NY hours, so traders have plenty of time to speculate about the options to their hearts’ content. RBNZ is going to publish accompanying statement together with the Monetary policy statement with new inflation forecasts, which makes this event still more intriguing. The central bank is widely expected to hike rates, before taking on «wait and see approach» in June, but if the accompanying comments reveal dovish sentiments among the policy-makers, the kiwi would be under pressure. No rate hike surprise will produce even more spectacular bearish effect. Before the announcement, keep an eye at 0.8500 on the downside and 0.8590/00 on the upside.
What price levels and patterns have to be considered?
Current price is 0.8546, with resistance ahead at 0.8548 (Daily High), 0.8553 (Daily Classic R2), 0.8570 (Weekly Classic R1), 0.8578 (Daily Classic R3) and 0.8640 (Weekly Classic R2).
Next support to the downside can be found at 0.8540 (Daily Classic R1), 0.8529 (Yesterday's High), 0.8526 (Daily Open), 0.8526 (Weekly High) and 0.8526 (Daily 20 SMA).
RBNZ is in focus
RBNZ rate decision is all the markets are interested in today. But the news will be cracked only during late NY hours, so traders have plenty of time to speculate about the options to their hearts’ content. RBNZ is going to publish accompanying statement together with the Monetary policy statement with new inflation forecasts, which makes this event still more intriguing. The central bank is widely expected to hike rates, before taking on «wait and see approach» in June, but if the accompanying comments reveal dovish sentiments among the policy-makers, the kiwi would be under pressure. No rate hike surprise will produce even more spectacular bearish effect. Before the announcement, keep an eye at 0.8500 on the downside and 0.8590/00 on the upside.
What price levels and patterns have to be considered?
Current price is 0.8546, with resistance ahead at 0.8548 (Daily High), 0.8553 (Daily Classic R2), 0.8570 (Weekly Classic R1), 0.8578 (Daily Classic R3) and 0.8640 (Weekly Classic R2).
Next support to the downside can be found at 0.8540 (Daily Classic R1), 0.8529 (Yesterday's High), 0.8526 (Daily Open), 0.8526 (Weekly High) and 0.8526 (Daily 20 SMA).