FxWirePro

Kiwi devoid of fresh leads, cloud-top capping gains for now

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
200 0 5
Kiwi reversed a part of yesterday’s losses and ticks higher in today's trade, completely ignoring the weakness in the Asian stocks

NZD/USD             edged down to 0.6628 on Thursday, after rising as high as 0.6680 the previous day, as the U.S. dollar strengthened on strong employment data

Uptrend in the Kiwi for the week intact, boosted in part by stabilising dairy prices seen at a global dairy auction, RSI and Stochs on weeklies biased higher

But, the RBNZ at its policy meeting next week is widely expected to cut interest rates by 25 bps             to 2.5 percent , in part to rein in the local             dollar

The pair's inability to hold above the daily cloud top also weighs, cloud-top at 0.6662 seen capping gains for now, we have exited our NZD/USD             trade after hitting TP1 and wait for cues on further direction

Resistance Levels:

R1: 0.6658 (Daily cloud top)

R2: 0.6690 (Daily High Dec             1)

R3: 0.6720 (61.8 Fib of Oct-Nov slide)

Support Levels:

S1: 0.6614 ( Dec             2 low)

S2: 0.6584 (Daily low Dec             1)

S3: 0.6576 (10 & 55 Day MAs)
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