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12 Sep 2013
EUR/NZD breaks to fresh 3-week lows on RBNZ
FXstreet.com (Barcelona) - The EUR/NZD foreign exchange cross rate is last trading at 1.6383 off recent session and fresh 3-week lows at 1.6355 following RBNZ leaving rates unchanged but stating "OCR increases will likely be required next year," which has led to a spike in NZD/USD.
EUR/NZD lower with bullish divergences in oscillators
Despite recent Euro strength, Kiwi has surged in the last hour following the RBNZ meeting, ahead of RBNZ Wheeler speech at 01:10 GMT and Australia jobs data 20 minutes later. All in all, the EUR/NZD cross is just -0.54% lower for the week so far, retracing from Monday's weekly high at 1.6567, and slightly below Friday's lows at 1.6380 now working as resistance. Kiwi is now strongest currency among majors for last 2 trading days, jumping above Aussie from second place, while Euro had been in fourth position.
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at current levels as mentioned Friday's lows 1.6386, followed by previous Monday/yesterday's weekly lows at 1.6416, and NY session highs at 1.6508. To the downside, closest support lies at recent session and fresh 3-week lows 1.6351, followed by August 19 lows at 1.6321, and June 05 lows at 1.6233.
EUR/NZD lower with bullish divergences in oscillators
Despite recent Euro strength, Kiwi has surged in the last hour following the RBNZ meeting, ahead of RBNZ Wheeler speech at 01:10 GMT and Australia jobs data 20 minutes later. All in all, the EUR/NZD cross is just -0.54% lower for the week so far, retracing from Monday's weekly high at 1.6567, and slightly below Friday's lows at 1.6380 now working as resistance. Kiwi is now strongest currency among majors for last 2 trading days, jumping above Aussie from second place, while Euro had been in fourth position.
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at current levels as mentioned Friday's lows 1.6386, followed by previous Monday/yesterday's weekly lows at 1.6416, and NY session highs at 1.6508. To the downside, closest support lies at recent session and fresh 3-week lows 1.6351, followed by August 19 lows at 1.6321, and June 05 lows at 1.6233.