10 Jul 2015
NZD/USD poised for first weekly gain since April
FXStreet (Córdoba) - The kiwi is falling on Friday against the US dollar but still remains above the level it had seven days ago. NZD/USD reached a 1-week high during the Asian session at 0.6770, then stabilized but greenback gained momentum on American hours and pushed the pair back below 0.6700.
Currently the pair is hovering around 0.6700, less than 20 pips above the level it closed last Friday. If it ends around current levels the pair could post the first weekly gains since April.
Stabilization or more downside ahead?
During the week NZD/USD hit fresh multi-year lows at 0.6620 but then rebounded and erased losses. The main trend remains bearish, but the kiwi could give the first signal of a consolidation if it manages to post a weekly gain.
On Friday the pair pulled back despite risk appetite, affected by a stronger US dollar. For the first time in week, the kiwi was not the worst performer among commodity currencies. Market could have already price in another rate cut by the Reserve Bank of New Zealand.
Currently the pair is hovering around 0.6700, less than 20 pips above the level it closed last Friday. If it ends around current levels the pair could post the first weekly gains since April.
Stabilization or more downside ahead?
During the week NZD/USD hit fresh multi-year lows at 0.6620 but then rebounded and erased losses. The main trend remains bearish, but the kiwi could give the first signal of a consolidation if it manages to post a weekly gain.
On Friday the pair pulled back despite risk appetite, affected by a stronger US dollar. For the first time in week, the kiwi was not the worst performer among commodity currencies. Market could have already price in another rate cut by the Reserve Bank of New Zealand.