15 Jun 2015
NZD/USD bears and offers protect 0.7000
FXStreet (Guatemala) - NZD/USD is currently trading at 0.6984 with a high of 0.7000 and a low of 0.6981.
The week for the bird will not get going until business through the greenback kicks in, likely to come from the FOMC as there is little else standing out on the docket ahead of the NZ GDP. NZD/USD has been soft ever since the RBNZ's surprise cut and 0.7000 comes as first resistance while 0.6942 reminds us of last week's lows.
NZD/USD supply risks lower still
Meanwhile, positions are still being added to the downside. Given last week’s RBNZ rate cut and a clear official desire for the NZD to weaken, analysts at TD Securities noted that the IMM players are getting on board the short trade aggressively.
Technically, we are the lowest levels since 2010 while readings still offer the pair offered as RSI leaves rooms for further downside while MA's back up the momentum indicators.
The week for the bird will not get going until business through the greenback kicks in, likely to come from the FOMC as there is little else standing out on the docket ahead of the NZ GDP. NZD/USD has been soft ever since the RBNZ's surprise cut and 0.7000 comes as first resistance while 0.6942 reminds us of last week's lows.
NZD/USD supply risks lower still
Meanwhile, positions are still being added to the downside. Given last week’s RBNZ rate cut and a clear official desire for the NZD to weaken, analysts at TD Securities noted that the IMM players are getting on board the short trade aggressively.
Technically, we are the lowest levels since 2010 while readings still offer the pair offered as RSI leaves rooms for further downside while MA's back up the momentum indicators.