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Forex: NZD/USD in highs around 0.8545/50

FXstreet.com (Barcelona) - The kiwi dollar is extending its upside momentum, intensified after the RBNZ left intact the refi rate at 2.5% last Tuesday, currently hovering over the mid 0.8500s.

According to I.Spivak, Currency Analyst at DailyFX, “Prices are bouncing from support at 0.8387, the 23.6% Fibonacci retracement to test above the 14.6% level of 0.8497. A break above that aims for the 38.2% Fib. expansion at 0.8556”.

As of writing, the pair is advancing 0.80% at 0.8545 with the next hurdle at 0.8555 (61.85 of 0.8676-0.8360) followed by 0.8580 (high Apr.15) and then 0.8610 (hourly high Apr.12).
On the flip side, a breach of 0.8515 (hourly lows Apr.25) would expose 0.8465 (MA10d) and finally 0.8460 (MA21d).

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