31 Jul 2015
NZD/USD set up for a hammering to end July?
FXStreet (Guatemala) - NZD/USD is currently trading 0.6601 with a high of 0.6605 and a low of 0.6599.
NZD/USD has started out in the early part of Asia's las session for the day and month on the bid, after traders in the US session turned bullish from 0.6566. The market is of the theme that a September rate hike is on the cards after the FOMC statement yesterday and that is underpinning the greenbacks strength despite todays GDP misses.
The US GDP Q2 results were at least recording on track economic activity for the US economy and they were enough to offer a robust foundation leading in to the next weeks all important jobs data from the US. Meanwhile, the bird has garnered some resilience from Wheelers recent bullish rhetoric for the NZ economy which contested ideas that the OCR will need to be shaved of by any large margin before the year is out so long as the economy remains supported as is or better.
NZD/USD bears recalling last business confidence
Today we await the business confidence and outlook for NZ and bulls will be looking for a vast improvement on last months dismal outlook with the lowest confidence on record for four years. NZD/USD is vulnerable heading in to the this data and this could be the catalyst to send the bird on its way again to end the month. Let us see...Waiting for the release at 0100GMT.
NZD/USD needs to break above 0.6720 to offer any kid of conviction on a recovery while 0.6680 would come s first major resistance. To the downside, 0.6550 (July 22, 24 low) comes as a support before year lows again.
NZD/USD has started out in the early part of Asia's las session for the day and month on the bid, after traders in the US session turned bullish from 0.6566. The market is of the theme that a September rate hike is on the cards after the FOMC statement yesterday and that is underpinning the greenbacks strength despite todays GDP misses.
The US GDP Q2 results were at least recording on track economic activity for the US economy and they were enough to offer a robust foundation leading in to the next weeks all important jobs data from the US. Meanwhile, the bird has garnered some resilience from Wheelers recent bullish rhetoric for the NZ economy which contested ideas that the OCR will need to be shaved of by any large margin before the year is out so long as the economy remains supported as is or better.
NZD/USD bears recalling last business confidence
Today we await the business confidence and outlook for NZ and bulls will be looking for a vast improvement on last months dismal outlook with the lowest confidence on record for four years. NZD/USD is vulnerable heading in to the this data and this could be the catalyst to send the bird on its way again to end the month. Let us see...Waiting for the release at 0100GMT.
NZD/USD needs to break above 0.6720 to offer any kid of conviction on a recovery while 0.6680 would come s first major resistance. To the downside, 0.6550 (July 22, 24 low) comes as a support before year lows again.