21 Nov 2013
NZD/USD to hold 0.82 handle?
FXstreet.com (London) - NZD/USD has been caught up in the malaise over in Asia, dragged down by surrounding elements in the Aussie and China and now has succumb to a defensive dollar in the North American shift.
NZD was dragged down partly driven by a sell off in the AUD with RBA Governor Stevens saying that “our position has long been, and remains, that foreign exchange intervention can, judiciously used in the right circumstances, be effective and useful. Meanwhile, a research from TD Securities told us that the ANZ Oct Job Advertisements m/m jumped to 4.5%, the highest monthly jump over a year now. (prev:1.3% revised from 1.1%) . Credit Card spending in Oct eased -0.8% m/m, (prev:-0.1%) but still posted a healthy 3.2% on a y/y basis (prev:5.2%). The team said in the week ahead, “the event is Oct net migration on Fri, where the recent population explosion is unlikely to be worried about the RBNZ’s LVR restrictions”. Today, US Initial Jobless Claims improved from 323k vs the 335k consensus. PPI came in line at 0.3% while PPI ex food and energy year on year was up slightly vs consensus at 1.4% vs 1.3%.
NZD/USD Levels
The 20 DMA is 0.8297, the 50 DMA is 0.8314 and the 200 DMA is 0.8175. RSI (14) reads 25.86. Supports are ascending from 0.8130, 0.8165, 0.8196. Spot is 0.8206 while resistances are 0.8256, 0.8330, 0.8397, 0.8415 and 0.8446.
NZD was dragged down partly driven by a sell off in the AUD with RBA Governor Stevens saying that “our position has long been, and remains, that foreign exchange intervention can, judiciously used in the right circumstances, be effective and useful. Meanwhile, a research from TD Securities told us that the ANZ Oct Job Advertisements m/m jumped to 4.5%, the highest monthly jump over a year now. (prev:1.3% revised from 1.1%) . Credit Card spending in Oct eased -0.8% m/m, (prev:-0.1%) but still posted a healthy 3.2% on a y/y basis (prev:5.2%). The team said in the week ahead, “the event is Oct net migration on Fri, where the recent population explosion is unlikely to be worried about the RBNZ’s LVR restrictions”. Today, US Initial Jobless Claims improved from 323k vs the 335k consensus. PPI came in line at 0.3% while PPI ex food and energy year on year was up slightly vs consensus at 1.4% vs 1.3%.
NZD/USD Levels
The 20 DMA is 0.8297, the 50 DMA is 0.8314 and the 200 DMA is 0.8175. RSI (14) reads 25.86. Supports are ascending from 0.8130, 0.8165, 0.8196. Spot is 0.8206 while resistances are 0.8256, 0.8330, 0.8397, 0.8415 and 0.8446.