17 Dec 2014
NZD/USD plunges, barrier at 0.78 handle
FXStreet (Mumbai) - The New Zealand dollar plunged against its US counterpart, after a temporary rebound seen in the previous session as an air of caution prevails ahead of outcome from Fed’s monetary policy meeting and New Zealand’s Q3 GDP numbers.
The NZD/USD pair dropped -0.88% to trade at day’s low of 0.7731 levels. The kiwi shrugged of cheerful Fonterra's GDT Price Index which climbed 2.4%, given previous drops of 3.1% and 1.1% and slipped against the US counterpart on dollar bulls jumped back in the bid against most of the currencies.
Tomorrow's third-quarter NZ GDP figures are likely come in around 0.7-0.9% last quarter, which would be a gain on second-quarter growth of 0.5%. The Reserve Bank of New Zealand (RBNZ) is on the more optimistic side of forecasts, expecting growth of 0.9%.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7810 (Dec 3 High), above which it could extend gains to 0.7850 (Dec 12 High) levels. To the downside immediate support might be located at 0.7718 (Dec 15 Low), below that at 0.7695 (Dec 5 Low) levels.
The NZD/USD pair dropped -0.88% to trade at day’s low of 0.7731 levels. The kiwi shrugged of cheerful Fonterra's GDT Price Index which climbed 2.4%, given previous drops of 3.1% and 1.1% and slipped against the US counterpart on dollar bulls jumped back in the bid against most of the currencies.
Tomorrow's third-quarter NZ GDP figures are likely come in around 0.7-0.9% last quarter, which would be a gain on second-quarter growth of 0.5%. The Reserve Bank of New Zealand (RBNZ) is on the more optimistic side of forecasts, expecting growth of 0.9%.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7810 (Dec 3 High), above which it could extend gains to 0.7850 (Dec 12 High) levels. To the downside immediate support might be located at 0.7718 (Dec 15 Low), below that at 0.7695 (Dec 5 Low) levels.