NZD/USD
The NZ economy is growing in a good state of health. The kiwi became stronger after the central bank raised the interest rate last week. The quarterly GDP data showed economic activity had increased 1.0% in the March quarter 2014. In that, construction and mining gained momentum, and wholesale trade was partly down.
Longer term-
The kiwi traded at a multi-year high versus USD and a multi-year low versus the euro. NZD/USD is trading at 0.8717 levels. It is marching towards the multi-year high at 0.8846, as of now, this month it made a high at 0.8738 and yearly high was 0.8779 (May 2014). The pair took support at the 61.8 fib level and bounced to the higher levels. On the higher side, if the pair breaks the previous high at 0.8738, it can fly up to 0.9177 and 0.9550 levels. The support is at 0.8675, 0.8404, and 0.8342 levels.
The pair made a double top at 0.8738 levels in today's early session. Until the pair breaches the double top, selling on the rise is the best strategy. On the north side, if the pair breaches 0.8738, it can fly up to 0.8746 and 0.8780 levels. A new multi-year breakout will take place if the pair breaches the 0.8780 levels. On the down side, the pair has support at 0.8644, 0.8595 and 0.8525 levels. A day close below 0.8595, the short-term trend will be on the down side for 0.8525, 0.8482 and 0.8420 levels. The daily momentum oscillators are indicating an overbough signs.
For an intraday basis, the pair has support at 0.8675; breaking below that, it can extend its fall to 0.8668 and 0.8665 levels. On the higher side, it has resistance at 0.8738, which once broken above and it can move up to 0.8746, 0.8755 and 0.8780. The fresh up move will be intact only above 0.8738 levels.
Intraday- Sell with sl 0.8738 or sell below 0.8674.
Buy above 0.8740.
The material has been provided by InstaForex Company - www.instaforex.com
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