Currency Analyst since 2010

NZD/USD above Sept. highs

NZD/USD has managed to overcome resistance at $0.8435 (September high, 76.4% Fibo retracement) on Thursday and spiked to $0.8524. Today kiwi was supported by the former resistance area where it dipped as traders took profit after the recent gains.

Kiwi’s supported on the general expectations that the Reserve Bank of New Zealand will increase rates the next year. Good data from China and the prospect of later QE tapering in the US also helped. Note that there's divergence on the daily MACD and RSI.  

Resistance is at $0.8535, $0.8565, $0.8585 and $0.8600. Support is at $0.8435, $0.8400, $0.8380, $0.8350.

Chart. Daily NZD/USD

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