2 Jul 2013
NZD/USD retakes 0.7800
FXstreet.com (Edinburgh) - After bottoming out around 0.7760, the kiwi dollar managed to gain traction and push NZD/USD to recover the key 0.7800 mark on Tuesday.
NZD/USD affected by the RBA
The RBA kept the lending benchmark at 2.75% in its monthly meeting today, matching market broad consensus and dragging the pair to fresh lows in the vicinity of 0.7760, where buying interest sparked a correction to the current area of 0.7800/10. “Holding above 0.7700 increases the potential that a base is forming but a close above 0.7800 is still needed to suggest that the squeeze has begun… Interim dips should hold above 0.7710-20 now. Despite this call for a squeeze, rebounds should provide a selling opportunity”, recommended TIM Riddell, Head of Global Markets Research at ANZ.
NZD/USD levels to watch
At the moment the pair is down 0.18% at 0.7807 with the immediate support at 0.7800 (MA10d) ahead of 0.7690 (low Jul.1). On the flip side, a breakout of 0.7831 (high Jul.1) would expose 0.7853 (high Jun.27) and finally 0.7861 (high Jun.26).
NZD/USD affected by the RBA
The RBA kept the lending benchmark at 2.75% in its monthly meeting today, matching market broad consensus and dragging the pair to fresh lows in the vicinity of 0.7760, where buying interest sparked a correction to the current area of 0.7800/10. “Holding above 0.7700 increases the potential that a base is forming but a close above 0.7800 is still needed to suggest that the squeeze has begun… Interim dips should hold above 0.7710-20 now. Despite this call for a squeeze, rebounds should provide a selling opportunity”, recommended TIM Riddell, Head of Global Markets Research at ANZ.
NZD/USD levels to watch
At the moment the pair is down 0.18% at 0.7807 with the immediate support at 0.7800 (MA10d) ahead of 0.7690 (low Jul.1). On the flip side, a breakout of 0.7831 (high Jul.1) would expose 0.7853 (high Jun.27) and finally 0.7861 (high Jun.26).