23 Apr 2014
NZD/USD making a reversal ahead of RBNZ?
FXStreet (Guatemala) - Currently, NZD/USD is trading at 0.8584, down -0.19% on the day, having posted a daily high at 0.8622 and low at 0.8565.
NZD/USD is indicating signs of a bullish reversal on the hourly ahead of the key event later on. Late this afternoon, the RBNZ> is widely expected to hike the OCR 25bps for a second consecutive month, as noted by strategists at RBS. “Economic indicators continue to point to broad strength in domestic activity, though a slightly softer than anticipated inflation report in the first quarter and the still strong NZD may leave the RBNZ more scope to turn less hawkish in the future”. Meanwhile, the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish. At the time of writing, RSI is neutral at 54.05, up from 47.03 at the last hour close, while ADX is ranging at 14.30, down from 24.93 previous.
NZD/USD Doji / Hammer (Neutral/bullish reversal)
With spot trading at 0.8584, Looking to candlestick patterns, we can see a Doji and Hammer formation on the 1-hour chart.
NZD/USD Levels
We can see next resistance ahead at 0.8588 (Hourly 20 EMA), 0.8595 (Daily Classic PP), 0.8599 (Daily Open), 0.8604 (Daily 20 SMA) and 0.8612 (Weekly Classic PP). Support below can be found at 0.8583 (Hourly 100 SMA), 0.8569 (Weekly Low), 0.8569 (Daily Classic S1), 0.8565 (Daily Low) and 0.8563 (Yesterday's Low).
NZD/USD is indicating signs of a bullish reversal on the hourly ahead of the key event later on. Late this afternoon, the RBNZ> is widely expected to hike the OCR 25bps for a second consecutive month, as noted by strategists at RBS. “Economic indicators continue to point to broad strength in domestic activity, though a slightly softer than anticipated inflation report in the first quarter and the still strong NZD may leave the RBNZ more scope to turn less hawkish in the future”. Meanwhile, the hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish. At the time of writing, RSI is neutral at 54.05, up from 47.03 at the last hour close, while ADX is ranging at 14.30, down from 24.93 previous.
NZD/USD Doji / Hammer (Neutral/bullish reversal)
With spot trading at 0.8584, Looking to candlestick patterns, we can see a Doji and Hammer formation on the 1-hour chart.
NZD/USD Levels
We can see next resistance ahead at 0.8588 (Hourly 20 EMA), 0.8595 (Daily Classic PP), 0.8599 (Daily Open), 0.8604 (Daily 20 SMA) and 0.8612 (Weekly Classic PP). Support below can be found at 0.8583 (Hourly 100 SMA), 0.8569 (Weekly Low), 0.8569 (Daily Classic S1), 0.8565 (Daily Low) and 0.8563 (Yesterday's Low).