Rally in Kiwi hit a snag as price failed to overcome 0.843, the support for Dec 2012. Stochastic reading shows a potential crossing in the works, but a proper bearish signal can only be confirmed with readings below 80.0 and NZD/USD failing to hold above current levels.
Hourly chart paints an opposite story with Stochastic reading forming a crossover in the Oversold territory. Price is also trading above 84.0 round number (horizontal line) and also the upward trending line formed this week. Keep a lookout on how price move early next Monday for any indication of bearish breakout or continuation of this week’s bull run.
GBP/NZD is also facing strong resistance around 1.92. NZD/USD movement next week will have high influence on this pair’s ability to break above 1.92.
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