20 Jun 2014
NZD/USD regrouping below the 0.87 handle
FXStreet (Guatemala) - NZD/USD is trading at 0.8690, down -0.28% on the day, having posted a daily high at 0.8724 and low at 0.8680.
NZD/USD has been attempting the upside post a significant loss at the end of the weeks session through the 0.87 handle. While we have little left on the calendar this week, next week will have all eyes on net migration which analysts at TD Securities describe as always a favourite leading indicator of domestic demand but now a key driver of the RBNZ’s push to restore the cash rate back to neutral ASAP. “The trade balance for May should see narrowing trade surpluses as we head into winter (hard to milk frozen cows). High LVR loans should continue to be a fraction of new loans and calls for removal of restrictions will likely grow louder (the RBNZ said year end at the earliest)”.
NZD/USD Levels
Spot is presently trading at 0.8692, and next resistance can be seen at 0.8701 (Daily Classic S1), 0.8704 (Yesterday's Low), 0.8705 (Hourly 20 EMA), 0.8716 (Daily Open) and 0.8719 (Daily Classic PP). Next support to the downside can be found at 0.8688 (Hourly 100 SMA), 0.8686 (Daily Classic S2), 0.8680 (Daily Low), 0.8668 (Daily Classic S3) and 0.8657 (Weekly Low).
NZD/USD has been attempting the upside post a significant loss at the end of the weeks session through the 0.87 handle. While we have little left on the calendar this week, next week will have all eyes on net migration which analysts at TD Securities describe as always a favourite leading indicator of domestic demand but now a key driver of the RBNZ’s push to restore the cash rate back to neutral ASAP. “The trade balance for May should see narrowing trade surpluses as we head into winter (hard to milk frozen cows). High LVR loans should continue to be a fraction of new loans and calls for removal of restrictions will likely grow louder (the RBNZ said year end at the earliest)”.
NZD/USD Levels
Spot is presently trading at 0.8692, and next resistance can be seen at 0.8701 (Daily Classic S1), 0.8704 (Yesterday's Low), 0.8705 (Hourly 20 EMA), 0.8716 (Daily Open) and 0.8719 (Daily Classic PP). Next support to the downside can be found at 0.8688 (Hourly 100 SMA), 0.8686 (Daily Classic S2), 0.8680 (Daily Low), 0.8668 (Daily Classic S3) and 0.8657 (Weekly Low).