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NZD/USD bounces from 0.8120

FXstreet.com (Barcelona) - It seems the kiwi dollar found some respite after posting multi-month lows in the boundaries of 0.8050 last week, gathering some traction and retaking the 0.8100 handle.

According to I.Spivak, Currency Strategist at DailyFX, “Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance is at 0.8184, the 23.6% Fibonacci retracement, with a break above that exposing the 38.2% level at 0.8260. Near-term support is at 0.8060, the May 17 low”.

The pair is now losing 0.13% at 0.8161 with the next support at 0.8080 (hourly lows May 20) ahead of 0.8066 (50% of 0.7456-0.8676) and finally 0.8053 (low Nov.16).
On the upside, a break above 0.8213 (high May 21) would aim for 0.8237 (MA10d) and then 0.8273 (high May 16).

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