20 Jun 2014
NZD/USD pops up to 0.8720 from 0.8705
FXStreet (Bali) - NZD/USD has seen a small pop from 0.8705 to 0.8720, breaking marginally the latest swing high intraday printed in the US.
From an hourly, we can clearly see the pair still trading within a range-bound context between 0.87 and 0.8735, with technicals and fundamentals (reinforced by dovish Yellen) supporting the long bias.
According to Jim Langlands, Founder at FX Charts: "The trend is up though and with another RBNZ hike touted for next month the Kiwi could make a run for the May 7 high (0.8744) followed by a test of the 2014 high at 0.8778 (6 May). Eventually we may even head towards the 2013 high at 0.8842, but this will be some way off yet. On the downside, the initial support is now at 0.8700, a break of which would head back towards the 100 HMA at 0.8680 and possibly to the daily cloud top at 0.8650, which if seen, should be strong support."
From an hourly, we can clearly see the pair still trading within a range-bound context between 0.87 and 0.8735, with technicals and fundamentals (reinforced by dovish Yellen) supporting the long bias.
According to Jim Langlands, Founder at FX Charts: "The trend is up though and with another RBNZ hike touted for next month the Kiwi could make a run for the May 7 high (0.8744) followed by a test of the 2014 high at 0.8778 (6 May). Eventually we may even head towards the 2013 high at 0.8842, but this will be some way off yet. On the downside, the initial support is now at 0.8700, a break of which would head back towards the 100 HMA at 0.8680 and possibly to the daily cloud top at 0.8650, which if seen, should be strong support."