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16 May 2014
NZD/USD unable to hold gains
FXStreet (Córdoba) - The NZD/USD is facing some selling pressure, having resumed the broader correction from 2014 highs after the latest bullish attempt stalled a few pips shy of 0.8700 on Thursday.
The NZD/USD failed to regain the psychological level and slid all the way back to 0.8625 amid a cautious market mood. The Kiwi began a downward correction last week after reaching its strongest level in nearly 3 years at 0.8778. However, over the past week, the downside has been contained by the 23.6% retracement of the 2014 rally (0.8050/0.8778) that lies at 0.8606.
NZD/USD levels to watch
The NZD/USD is currently trading at the 0.8630 zone, 0.12% below its opening price, with immediate supports at 0.8624 (May 16 low), 0.8606 (23.6% Fibo retracement of 0.8050/0.8778) and 0.8590 (May 2 low).
On the other hand, resistances could be found at 0.8654 (May 16 high), 0.8694/0.8700 (May 15 high/psychological level) and 0.8745 (Apr 10 high).
The NZD/USD failed to regain the psychological level and slid all the way back to 0.8625 amid a cautious market mood. The Kiwi began a downward correction last week after reaching its strongest level in nearly 3 years at 0.8778. However, over the past week, the downside has been contained by the 23.6% retracement of the 2014 rally (0.8050/0.8778) that lies at 0.8606.
NZD/USD levels to watch
The NZD/USD is currently trading at the 0.8630 zone, 0.12% below its opening price, with immediate supports at 0.8624 (May 16 low), 0.8606 (23.6% Fibo retracement of 0.8050/0.8778) and 0.8590 (May 2 low).
On the other hand, resistances could be found at 0.8654 (May 16 high), 0.8694/0.8700 (May 15 high/psychological level) and 0.8745 (Apr 10 high).