17 Jun 2014
NZD/USD: Sticky resistance 0.87 holds for now
FXStreet (Bali) - NZD/USD is trading at 0.8676, still struggling to break above 0.87, having posted a daily high at 0.8686 and low at 0.8675 ahead of Tokyo.
NZD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish. RSI is in neutral territory at 52.83, down from it’s last hourly close at 53.13, while ADX is ranging above 30 at 17.02, up from 10.85 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 63.74. The 200 SMA is currently at 0.8672, up from 0.8556 at the last period close, and climbing on the hourly NZD/USD chart.
Technically, Jim Langlands, Founder at FXCharts, notes: "More of the same looks likely today as the 4 hour charts continue to unwind and another test of 0.8660 would not surprise. The dailies look positive though and if/when 0.8700 can finally be taken out, look for a run up towards the years highs at 0.8778 (6 May) and maybe even the 2013 high at 0.8842 but this too is some way off and I would be surprised to see it above 0.8700 today."
"On the downside, below 0.8660, the points to watch are at 0.8650 (daily cloud top), 0.8630 (100HMA) and then, below 0.8600, at 0.8585 (38.2% of 0.8401/0.8699), although it does not look likely to be bothered in the near term", Jim adds.
NZD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish. RSI is in neutral territory at 52.83, down from it’s last hourly close at 53.13, while ADX is ranging above 30 at 17.02, up from 10.85 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 63.74. The 200 SMA is currently at 0.8672, up from 0.8556 at the last period close, and climbing on the hourly NZD/USD chart.
Technically, Jim Langlands, Founder at FXCharts, notes: "More of the same looks likely today as the 4 hour charts continue to unwind and another test of 0.8660 would not surprise. The dailies look positive though and if/when 0.8700 can finally be taken out, look for a run up towards the years highs at 0.8778 (6 May) and maybe even the 2013 high at 0.8842 but this too is some way off and I would be surprised to see it above 0.8700 today."
"On the downside, below 0.8660, the points to watch are at 0.8650 (daily cloud top), 0.8630 (100HMA) and then, below 0.8600, at 0.8585 (38.2% of 0.8401/0.8699), although it does not look likely to be bothered in the near term", Jim adds.