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21 Apr 2014
NZD/USD finds buyers in early Asia
FXStreet (Bali) - The NZD/USD has opened the Asian session on a firmer tone, currently testing 0.8590 from 0.8570, which represents its last intraday swing high.
The key event likely to determine the next direction for the pair will come early on Thursday (New Zealand local time), when the RBNZ will publish its next interest rate decision. There is wide consensus among market analysts that the central bank will deliver another 25bp.
Technically, the NZD/USD remains on mid term uptrend, however it recently penetrated an area of strong supply at 0.87 (proven reliable last Aug 2011/April 2013), with the subsequent downward rejection again, with the selling having picked up from a 'head fake' break above 0.87 on April 10 to find support at 0.8560. To keep the upside prospects intact, buyers should hold .85, while on the upside, .8650 comes as the next key resistance.
The key event likely to determine the next direction for the pair will come early on Thursday (New Zealand local time), when the RBNZ will publish its next interest rate decision. There is wide consensus among market analysts that the central bank will deliver another 25bp.
Technically, the NZD/USD remains on mid term uptrend, however it recently penetrated an area of strong supply at 0.87 (proven reliable last Aug 2011/April 2013), with the subsequent downward rejection again, with the selling having picked up from a 'head fake' break above 0.87 on April 10 to find support at 0.8560. To keep the upside prospects intact, buyers should hold .85, while on the upside, .8650 comes as the next key resistance.