Forex Market Outlook: NZD/USD Is Vulnerable To Downside Correction

After reaching a high of 0.8747 on 17th April 2014, the highest in years, the NZD/USD settled down to below 0.8700 level in the week. Speculating that the pair is heavily overbought, any correction will be healthy until the support level of 0.8600 is unbroken.

Investors are speculating on some of the important reports such as the CPI numbers scheduled on 16th April 2014  and the consumer confidence report to be released on 17th April. Some of the sentiments due to geopolitical tensions in Ukraine and the weak Chinese data may affect the kiwi. Investors can expect the kiwi to be range bound between 0.8700 level on the upside and a 0.8600 level on the downside, unless it starts a new movement.

NZD/USD                                                  0.8648/55 (-0.43%)
                                                                    H0.8695 L 0.8630 

S3	S2	S1	R1	R2	R3
0.8613	0.8635	0.8656	0.8740	0.8761	0.8783