NZDUSD: Resistance at 0.847
NZD/USD is trading in higher range. NZ markets shut today for holiday. NZD/USD is underpinned by positive investor risk sentiment; firmer commodity prices; NZD-USD yield gap; Kiwi demand on soft AUD/NZD cross; and Kiwi demand on buoyant NZD/JPY as negative JPY sentiment supports the cross. Daily chart is positive-biased as MACD and stochastic are in bullish mode; five-day moving average is above 15-day MA and rising.
Sell below 0.847 with targets at 0.839 and 0.8335 in extension.
0.8384 (Friday’s low)
0.8341 (Thursday’s low)
0.8290 (Jan. 30 low)
Buy above 0.847. Above 0.847 look for further upside with 0.851 and 0.853 as targets.
R1 – 0.851
R2 – 0.853
R3 – 0.8571 (Aug. 31, 2011 high)
The pair stands below its resistance and remains under pressure, the RSI stands below its neutral area and is badly directed.
The material has been provided by Instaforex Company – http://www.instaforex.com/