23 May 2014
NZD/USD ascent tailing off
FXStreet (Guatemala) - NZD/USD is trading at 0.8543, down -0.25% on the day, having posted a daily high at 0.8575 and low at 0.8530.
We have seen a little bit of dollar strength on the back of the improvements in New Home Sales for the US which has clipped the bird’s wings on its ascent from the European lows. While, overnight, we had the ANZ Consumer Confidence for May in New Zealand. “It appears the successive rate hikes have dented confidence, seeing the index fall from 133.5 to 127.5 and off the 7yr high in Jan at 135.8”, explained strategists at TD Securities. “All 5 components of the survey registered falls, with a 11% fall on Buying Major Household Items followed by the economy one year ahead down 6%”.
NZD; The week ahead
Strategists at TD Securities explained that an “interesting suite” with Mondays likely healthy trade surplus for April and tiny high-LVR loans as a share of overall mortgage lending. “Wednesday brings ANZ Activity and Business Surveys with Thu a likely flat print for building permits after the +8.3% pop in March”.
NZD/USD Levels
Current price is 0.8545, with resistance ahead at 0.8547 (Daily Classic S1), 0.8551 (Yesterday's Low), 0.8555 (Weekly Classic S2), 0.8555 (Hourly 20 EMA) and 0.8565 (Weekly Low). Next support to the downside can be found at 0.8539 (Monthly Low), 0.8530 (Daily Low), 0.8530 (Daily Classic S2), 0.8508 (Daily Classic S3) and 0.8503 (Weekly Classic S3).
NZD/USD chart formations
Looking at price patterns, we can see a Doji and Hammer 1-hour candlestick formation.
We have seen a little bit of dollar strength on the back of the improvements in New Home Sales for the US which has clipped the bird’s wings on its ascent from the European lows. While, overnight, we had the ANZ Consumer Confidence for May in New Zealand. “It appears the successive rate hikes have dented confidence, seeing the index fall from 133.5 to 127.5 and off the 7yr high in Jan at 135.8”, explained strategists at TD Securities. “All 5 components of the survey registered falls, with a 11% fall on Buying Major Household Items followed by the economy one year ahead down 6%”.
NZD; The week ahead
Strategists at TD Securities explained that an “interesting suite” with Mondays likely healthy trade surplus for April and tiny high-LVR loans as a share of overall mortgage lending. “Wednesday brings ANZ Activity and Business Surveys with Thu a likely flat print for building permits after the +8.3% pop in March”.
NZD/USD Levels
Current price is 0.8545, with resistance ahead at 0.8547 (Daily Classic S1), 0.8551 (Yesterday's Low), 0.8555 (Weekly Classic S2), 0.8555 (Hourly 20 EMA) and 0.8565 (Weekly Low). Next support to the downside can be found at 0.8539 (Monthly Low), 0.8530 (Daily Low), 0.8530 (Daily Classic S2), 0.8508 (Daily Classic S3) and 0.8503 (Weekly Classic S3).
NZD/USD chart formations
Looking at price patterns, we can see a Doji and Hammer 1-hour candlestick formation.