NZD/USD spikes to 0.8275, breaks 0.8260 resistance

FXstreet.com (Bali) - NZD/USD is soaring in recent trading, moving from 0.8220 lows earlier at the NY close to presently post session highs of 0.8274 after clearing 0.8260 resistance.

RBNZ causes speculative move off lows, AUD helps

Ahead of the RBNZ risk event, in which pricing for a possible rate hike in January is around 50%, traders are being cautious to bet against the New Zealand Dollar, so far well contained by an ascending trend line coming from Sept 1, 2013. The strength in the AUD/USD is also providing an important positive input for the Kiwi.

NZD/USD technicals

Technically, the pair is now faced with 0.8275 dily tenkan/kijun lines, which may not have that much significance short term as these indicators are best used on trending markets. The next big resistance is found at 0.83 ahead of 0.8340, where solid offers should be stacked.