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15 Apr 2013
Forex: Kiwi surrenders some gains, still notches impressive week (+1.95%)
FXstreet.com (Barcelona) - The NZD/USD closed the New York session down 41 pips at 0.8588. The pair still notched an impressive week, finishing up 1.95% and closing above key resistance (0.8480) on the weekly chart. Currently, the pair is edging lower in early Asia trade, down 22 pips at 0.8566.
“No evidence to think that looking for intraday demand levels is not the best strategy. A sequence of 'level on top of level' premium demand lies around 0.8533/0.8513. If enough profit margin, a long play will surely be an option for many players,” according to the Supply/Demand report on FXStreet.com
Short term moving averages on the daily chart remain bullish, with price above both the upward sloping 9 and 20 day moving averages. The weekly close above .08480 is constructive and this level should now act as firm support on pullbacks. First support comes in at 0.8546 (bullish hammer candle on 30min chart), followed by 0.8513 (9 DMA). Initial resistance sits at 0.8572 (low price on April 11th, now resistance), followed by 0.8629.
“No evidence to think that looking for intraday demand levels is not the best strategy. A sequence of 'level on top of level' premium demand lies around 0.8533/0.8513. If enough profit margin, a long play will surely be an option for many players,” according to the Supply/Demand report on FXStreet.com
Short term moving averages on the daily chart remain bullish, with price above both the upward sloping 9 and 20 day moving averages. The weekly close above .08480 is constructive and this level should now act as firm support on pullbacks. First support comes in at 0.8546 (bullish hammer candle on 30min chart), followed by 0.8513 (9 DMA). Initial resistance sits at 0.8572 (low price on April 11th, now resistance), followed by 0.8629.