12 May 2014
NZD/USD steadies above 0.8600
FXStreet (Córdoba) - The NZD/USD has steadied above 0.8600 after being rejected from multi-year highs last week and staging a nearly 2-cent correction.
The NZD/USD reached an almost 3-year high of 0.8778 last week, underpinned by broad USD weakness, but entered a corrective phase that was contained by the 0.8600 mark Friday. The pair has settled in a 20-pip range Monday and it is currently trading at 0.8625, little changed since opening, although it continues to print lower lows on a daily basis.
On Tuesday, the US retail sales data might affect the NZD/USD but will be followed by the RBNZ Financial Stability Report and NZ retail sales during Wednesday’s Asian session.
NZD/USD technical levels
In terms of technical levels, the Kiwi could face next resistances at 0.8642 (10-day SMA), 0.8651 (May 9 high) and 0.8671 (May 8 high). To the downside, supports are seen at 0.8603 (May 9 low), 0.8590/88 (May 2 low/50-day SMA) and 0.8545 (Apr 30 low).
The NZD/USD reached an almost 3-year high of 0.8778 last week, underpinned by broad USD weakness, but entered a corrective phase that was contained by the 0.8600 mark Friday. The pair has settled in a 20-pip range Monday and it is currently trading at 0.8625, little changed since opening, although it continues to print lower lows on a daily basis.
On Tuesday, the US retail sales data might affect the NZD/USD but will be followed by the RBNZ Financial Stability Report and NZ retail sales during Wednesday’s Asian session.
NZD/USD technical levels
In terms of technical levels, the Kiwi could face next resistances at 0.8642 (10-day SMA), 0.8651 (May 9 high) and 0.8671 (May 8 high). To the downside, supports are seen at 0.8603 (May 9 low), 0.8590/88 (May 2 low/50-day SMA) and 0.8545 (Apr 30 low).