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NZD/USD Range Resistance Play (May 5, 2014)
NZD/USD is approaching the top of the range on its 4-hour time frame, suggesting that the pair’s rallies are soon over. This depends on the top-tier data releases from New Zealand and the U.S. this week though.
The stochastic on the 4-hour chart is already deep in the overbought zone, which means that Kiwi bears are ready to push the pair back down. If the price ceiling holds at .8700, NZD/USD could find its way back down to the bottom of the range near the .8500 major psychological level.
On the other hand, an upside break could mean more gains for the pair, possibly until the next major resistance at the .9000 mark. However, the RBNZ has been intent to keep the Kiwi weak and they might jawbone the currency once it breaks past the .8700 mark to the dollar.
By Kate Curtis from Trader's Way
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