The kiwi moved to a three-month high trading at 0.8784 levels (previous high at 0.8846 levels). If the pair breaches the previous high, it can aim at the next target at 0.94 levels another 600-pip move. It has weekly support at 0.8329 (50-week Sma). The weekly stochastic is indicating some more upstream left in this pair. The target of 0.94 is valid until the pair closes above the 0.8329 level. The immediate support is between 0.8660-0.86.
For an intraday basis, the pair has support at 0.8756 levels; below this, 0.8730-0.8724. We expect a panic selling below 0.8724 for 0.87, 0.8685 and 0.8660. The hourly RSI is indicating selling on the rise with sl 0.8846. Fresh buy only above 0.8850 levels. If a four-hour candle closes above 0.8780, we can expect the kiwi to prepare the next leg up, but the strong momentum is only above 0.8850 levels for 0.8920, 0.8950, 0.90 and 0.9156 for next 1-3 weeks time frame.
The material has been provided by InstaForex Company - www.instaforex.com
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