5 Nov 2013
NZD/USD tries to recover after being hurt on RBA comments
FXstreet.com (Athens) – The NZD/USD is trying to regain its uptrend momentum after being wounded on RBA’s statement “on the “uncomfortable high” Aussie.
NZD/USD pares a portion of its post-RBA losses; local NZ fundamentals still support the kiwi
While the “kiwi” was immensely wounded on RBA’s comments (down roughly 0.20%), it is now mostly heading amidst a sideways trend shift behavior around 0.8270 area. Market participants should be aware that the next major event for the kiwi will be on Wednesday, where we will witness the release of the third quarter jobs data.
Technical Analysis on the NZD/USD
Ahead of, the Monday’s low level as of 0.8249 might be considered as an interim support regarding the downside, while on the upside, it seems that the cross should clearly overcome the psychological level of 0.8300-0.83100 area, which mainly contains the selling pressure the past week. Imre Speizer on behalf of the Westpac Global Strategy Team suggests that “Near term, the US dollar’s pull should dominate, putting 0.8190 at risk. Longer term, we target 0.8600 by Mar-14.”
NZD/USD pares a portion of its post-RBA losses; local NZ fundamentals still support the kiwi
While the “kiwi” was immensely wounded on RBA’s comments (down roughly 0.20%), it is now mostly heading amidst a sideways trend shift behavior around 0.8270 area. Market participants should be aware that the next major event for the kiwi will be on Wednesday, where we will witness the release of the third quarter jobs data.
Technical Analysis on the NZD/USD
Ahead of, the Monday’s low level as of 0.8249 might be considered as an interim support regarding the downside, while on the upside, it seems that the cross should clearly overcome the psychological level of 0.8300-0.83100 area, which mainly contains the selling pressure the past week. Imre Speizer on behalf of the Westpac Global Strategy Team suggests that “Near term, the US dollar’s pull should dominate, putting 0.8190 at risk. Longer term, we target 0.8600 by Mar-14.”