28 Oct 2013
NZD/USD battling with the 0.83 handle
FXstreet.com (London) - NZD/USD is trading in a tight range in NA closing hour with only has printing a high of 0.8334 and a low of 0.8272 still and currently the pair is battling with the 0.83 handle.
Markets are remaining sensitive around data from China and developments in the US along with the RBNZ coming up this week. Research teams at Westpac Global Strategy Group explained a less hawkish RBNZ on Thursday will probably push market pricing for the first hike from March 2014 to April. “The resultant fall in NZ interest rates should in turn push NZD/USD lower. Near term NZD momentum has already flipped to negative, so the downward correction risks extending to 0.8200. Beyond the week ahead, though, we remain constructive on the kiwi, given broad USD weakness and strong NZ fundamentals”.
NZD/USD Levels
The 20 DMA is 0.8358, the 50 DMA is 0.8169 and the 200 DMA is 0.8184. RSI (14) reads 39.18. Supports are ascending from 0.8165, 0.8194, 0.8232, and 0.8268. Spot is currently 0.8296 while resistances are 0.8303, 0.8346, 0.8380, 0.8411 and 0.8446.
Markets are remaining sensitive around data from China and developments in the US along with the RBNZ coming up this week. Research teams at Westpac Global Strategy Group explained a less hawkish RBNZ on Thursday will probably push market pricing for the first hike from March 2014 to April. “The resultant fall in NZ interest rates should in turn push NZD/USD lower. Near term NZD momentum has already flipped to negative, so the downward correction risks extending to 0.8200. Beyond the week ahead, though, we remain constructive on the kiwi, given broad USD weakness and strong NZ fundamentals”.
NZD/USD Levels
The 20 DMA is 0.8358, the 50 DMA is 0.8169 and the 200 DMA is 0.8184. RSI (14) reads 39.18. Supports are ascending from 0.8165, 0.8194, 0.8232, and 0.8268. Spot is currently 0.8296 while resistances are 0.8303, 0.8346, 0.8380, 0.8411 and 0.8446.