24 Jun 2015
NZD/USD bears remain with the batton
FXStreet (Guatemala) - NZD/USD is currently trading at 0.6855 with a high of 0.6879 and a low of 0.6814.
NZD/USD is holding the downside with a minor recovery from the lows set at the bottom of the two month downtrend. The 0.69 handle was taken out with conviction on yesterday's business and the bears still have control in the broader theme and testing the July 2010 gaps on the weekly chart.
Fundamentally we are waiting until later in the week for NZ trade balance. So we stay with the bearish outlook of the RBNZ given their recent surprise cut as well as last week's release of GDP where New Zealand Gross Domestic Product (QoQ) that came way below forecasts fuelling the bears appetite.
From the US, we had a series of poor data released today, with durable goods missing expectations and way off from -0.6% expected to actual -1.8% and worse than -1.5%. Next up, we have US GDP tonight.
NZD/USD 2010 lows still in focus
0.6800 is in focus ahead of challenging June 2010 lows of 0.6793.
NZD/USD is holding the downside with a minor recovery from the lows set at the bottom of the two month downtrend. The 0.69 handle was taken out with conviction on yesterday's business and the bears still have control in the broader theme and testing the July 2010 gaps on the weekly chart.
Fundamentally we are waiting until later in the week for NZ trade balance. So we stay with the bearish outlook of the RBNZ given their recent surprise cut as well as last week's release of GDP where New Zealand Gross Domestic Product (QoQ) that came way below forecasts fuelling the bears appetite.
From the US, we had a series of poor data released today, with durable goods missing expectations and way off from -0.6% expected to actual -1.8% and worse than -1.5%. Next up, we have US GDP tonight.
NZD/USD 2010 lows still in focus
0.6800 is in focus ahead of challenging June 2010 lows of 0.6793.