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14 Jun 2013
NZD/USD back to lows around 0.8050
FXstreet.com (Edinburgh) - The weekly ascent of the Kiwi dollar lost impetus around multi-day highs in the vicinity of 0.8140 on Friday, with NZD/USD then returning to the comfort zone in the mid 0.80s.
NZD/USD back to the broad bearish trend?
Recall that the RBNZ left its monetary policy intact on Wednesday, with the refi rate at 2.5%, in line with market expectations. However, the NZD would remain under pressure, as it is vox populi the preference of the NZ central bank for a weaker kiwi. In the opinion of Kimberly Martin, Strategist at BNZ, “We continue to look for the NZD/USD to find its feet. Our end-year NZD/USD is 0.8300… Our key premise that the NZD remains well supported by domestic fundamentals (growth and interest rate differentials and NZ commodity prices) has not changed”.
NZD/USD key support/resistance levels
As of writing, the pair is down 0.59% at 0.8051 with the next support at 0.8039 (low Jun.14) followed by 0.8025 (high Jun.12) and finally 0.7988 (MA10d). On the upside, a break above 0.8119 (high Jun.3) would target 0.8126 (high May 30) en route to 0.8150 (high Jun.4).
NZD/USD back to the broad bearish trend?
Recall that the RBNZ left its monetary policy intact on Wednesday, with the refi rate at 2.5%, in line with market expectations. However, the NZD would remain under pressure, as it is vox populi the preference of the NZ central bank for a weaker kiwi. In the opinion of Kimberly Martin, Strategist at BNZ, “We continue to look for the NZD/USD to find its feet. Our end-year NZD/USD is 0.8300… Our key premise that the NZD remains well supported by domestic fundamentals (growth and interest rate differentials and NZ commodity prices) has not changed”.
NZD/USD key support/resistance levels
As of writing, the pair is down 0.59% at 0.8051 with the next support at 0.8039 (low Jun.14) followed by 0.8025 (high Jun.12) and finally 0.7988 (MA10d). On the upside, a break above 0.8119 (high Jun.3) would target 0.8126 (high May 30) en route to 0.8150 (high Jun.4).