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NZD/USD cherish hopes for upside correction

FXStreet (Moscow) - NZD/USD slided towards 0.8455/50 support area in Asia, before fresh buying interest helped to ease bearish pressure for the time being.

A gulp of freedom

Kiwi used 0.8420/30 area as the spring board to recover part of the recent losses. Although the broad based USD strength is still the key factor pressuring on the pair, the absence of first-tier reports out of the USA may give it the needed relief, and trigger larger correction with the next target at 0.8490/00 resistance area. Pay attention to the released today US Jobless Claims reports – if the numbers miss expectations significantly it may still have some impact on the pair moves. On the downside the key levels to watch are 0.8455 (Asian low) followed by 0.8439 (Wednesday’s open).

What price levels and patterns have to be considered?

Current price is 0.8465, with resistance ahead at 0.8466 (Hourly 20 EMA), 0.8467 (Monthly Low), 0.8467 (Weekly Low), 0.8478 (Daily Open) and 0.8486 (Daily High).

Support below can be found at 0.8463 (Daily Classic PP), 0.8461 (Weekly Classic S1), 0.8458 (Daily 200 SMA), 0.8456 (Daily Low) and 0.8438 (Daily Classic S1).

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