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NZD/USD ready to break above 0.85 and move on

FXStreet (Moscow) - NZD/USD is trading at 0.8497, up 0.46% on the day, having posted a daily high at 0.8503 and low at 0.8455.

Kiwi may have a chance

Kiwi rebounded from 0.8450 area, and resumed the rise coming closer to 0.85 by the moment. The break higher may not be an easy task given the large sellers’ interest rumored in that area. However, the fundamentals turn in the kiwi’s favor, as fears of dairy products price faded away, and the possibility of the Chinese economy, the key trading partner, cooling down is not confirmed. Once 0.85 broken, we may see a rush higher with initial target at 0.8515.

What are today’s key NZD/USD levels?

Spot is presently trading at 0.8497, and next resistance can be seen at 0.8503 (Daily High), 0.8515 (Daily Classic R2), 0.8522 (Weekly Classic R1), 0.8535 (Daily 20 SMA) and 0.8550 (Daily Classic R3). Support below can be found at 0.8487 (Daily Classic R1), 0.8481 (Yesterday's High), 0.8475 (Weekly High), 0.8473 (Weekly Classic PP) and 0.8468 (Hourly 200 SMA).

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