23 Jul 2015
NZD/USD: Recovery stalls after upbeat US data
FXStreet (Mumbai) - The bid tone on the NZD weakened somewhat, taking the NZD/USD pair lower to 0.6630-0.6640 band after the US initial jobless claims data printed at a four-decade low.
Kiwi relatively resilient
The NZD is still the best performing major currency; up 1.08% against the USD as the NZD shorts continue to unwind after the RBNZ decided to exclude today the statement about the level of the NZ dollar being unjustified and unsustainable. The 25 basis point rate cut was largely expected and already priced-in. Consequently, unwinding of NZD shorts pushed the Kiwi higher across the board.
The NZD/USD clocked a high of 0.6694 and traded around 0.6670 before the US initial jobless claims data hit the wires. The ensuing broad based USD rally, pushed the NZD/USD lower to 0.6630-0.6640 band.
NZD/USD Technical Levels
The immediate resistance is seen at the daily high of 0.6694, followed another resistance located at 0.67 (July 10 high). On the other hand, support is seen at 0.6607 (Hourly 200-MA) and 0.6557 (hourly chart support).
Kiwi relatively resilient
The NZD is still the best performing major currency; up 1.08% against the USD as the NZD shorts continue to unwind after the RBNZ decided to exclude today the statement about the level of the NZ dollar being unjustified and unsustainable. The 25 basis point rate cut was largely expected and already priced-in. Consequently, unwinding of NZD shorts pushed the Kiwi higher across the board.
The NZD/USD clocked a high of 0.6694 and traded around 0.6670 before the US initial jobless claims data hit the wires. The ensuing broad based USD rally, pushed the NZD/USD lower to 0.6630-0.6640 band.
NZD/USD Technical Levels
The immediate resistance is seen at the daily high of 0.6694, followed another resistance located at 0.67 (July 10 high). On the other hand, support is seen at 0.6607 (Hourly 200-MA) and 0.6557 (hourly chart support).