29 Apr 2015
NZD/USD: In profit taking territory ahead of US data?
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7734 with a high of 0.7738 and a low of 0.7704.
NZD/USD is a little higher on the trade numbers. New Zealand trade balance (YoY) arrived as $-2.41B, which was above forecasts of $-2.74B in March. The monthly reading also above forecasts $341M in March vs actual at $631M.
The crunch time this week comes in a) Thursday’s RBNZ OCR Review. However, it is likely that the RBNZ will stick to their monitoring period of data flows but there could be a hint of dovishness to come from an otherwise and previously hawkish Central Bank. Before then we have, b) the Fed interest rate decision and c) the US Q1 GDP to come; So plenty going on and to play for.
Technically, the bird is moving deeper in to overbought territory on the hourly sticks, with RSI (14) now over 73, trading around S2 resistance and now exactly at EMA 5 as 0.7735 caps the pair for the time being. Continued pressure here will potentially signal time for profit taking with 0.77 the figure as first support ahead of 0.7680 guarding 0.7634 the pivot.
NZD/USD is a little higher on the trade numbers. New Zealand trade balance (YoY) arrived as $-2.41B, which was above forecasts of $-2.74B in March. The monthly reading also above forecasts $341M in March vs actual at $631M.
The crunch time this week comes in a) Thursday’s RBNZ OCR Review. However, it is likely that the RBNZ will stick to their monitoring period of data flows but there could be a hint of dovishness to come from an otherwise and previously hawkish Central Bank. Before then we have, b) the Fed interest rate decision and c) the US Q1 GDP to come; So plenty going on and to play for.
Technically, the bird is moving deeper in to overbought territory on the hourly sticks, with RSI (14) now over 73, trading around S2 resistance and now exactly at EMA 5 as 0.7735 caps the pair for the time being. Continued pressure here will potentially signal time for profit taking with 0.77 the figure as first support ahead of 0.7680 guarding 0.7634 the pivot.