3 May 2016
NZD/USD leading its own northerly trajectory, target 2016 highs
NZD/USD is currently tracking the Aussie, or is it the other way around?
Bulls back Kiwi with RBNZ on hold
The Kiwi has been one of the top performers of late and has made a case of its own having made an impressive recovery from the depths of last month's downside to test out the 0.68 handle when it made lows of 0.6806. Today, we are making highs on the 0.70 handle at 0.7024 so far and the RBNZ's latest stance to hold rates is what has given rise to the bull's case for a pop at the 2016 highs of 0.7053.
The RBA is going to be the scheduled highlight in the pacific today, and if the bank holds, the Kiwi will likely rise with that tide as well. Tomorrow however, we have the GDT price index and bulls will be hoping for a continuation of the recovery in prices as of February and having exceeded December's 3.6% on the 19th April's auction of 3.8%. We also get the employment data tomorrow for New Zealand, so quite a busy week for the Antipodeans this week.
NZD/USD levels
NZD/USD is on track for a test of this year's aforementioned and is well bid within the ricing channel commencing mid January of this year. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7286. To the downside, the 20 dma resides at 0.6905 as a key supporting and psychological level that of broken would put the rising support line in to jeopardy, guarding 0.6720.
Bulls back Kiwi with RBNZ on hold
The Kiwi has been one of the top performers of late and has made a case of its own having made an impressive recovery from the depths of last month's downside to test out the 0.68 handle when it made lows of 0.6806. Today, we are making highs on the 0.70 handle at 0.7024 so far and the RBNZ's latest stance to hold rates is what has given rise to the bull's case for a pop at the 2016 highs of 0.7053.
The RBA is going to be the scheduled highlight in the pacific today, and if the bank holds, the Kiwi will likely rise with that tide as well. Tomorrow however, we have the GDT price index and bulls will be hoping for a continuation of the recovery in prices as of February and having exceeded December's 3.6% on the 19th April's auction of 3.8%. We also get the employment data tomorrow for New Zealand, so quite a busy week for the Antipodeans this week.
NZD/USD levels
NZD/USD is on track for a test of this year's aforementioned and is well bid within the ricing channel commencing mid January of this year. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7286. To the downside, the 20 dma resides at 0.6905 as a key supporting and psychological level that of broken would put the rising support line in to jeopardy, guarding 0.6720.