Forex: Kiwi surpasses 0.8600, is a run at 0.8800 in the cards?

FXstreet.com (Barcelona) - The Kiwi continued its march higher during the New York session, finishing up 42 pips at 0.8630. Intra-day the pair traded as high as 0.8676, but was unable to sustain its bid at those levels and leaked lower later in the day. The pair is now up an impressive 2.44% on the week, and 3.7% MTD for April. The economic calendar is light with only the Food Price Index being released at (22:45 GMT).

“Amid this scenario in which technicals and fundametals seem to converge, looking for intraday demand levels to capitalize on any dips makes complete sense. At the moment, there is a sequence of attractive intraday demands starting at 0.8590/80, followed by another premium demand - level on top of level - around 0.8533/0.8513”, noted Ivan Delgado of FXStreet.com

From a technical perspective, the path of least resistance on both the daily/weekly charts remains to the upside. The first support level comes in at 0.8625 (consolidation base on 30min chart), followed by 0.8590 (close price from April 10th). Initial resistance sits at 0.8640 (20day moving average on hourly chart), followed 0.8680 (high price form April 11th)