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1 Jul 2014
NZD/USD bid; RBNZ will not be deterred
FXStreet (Guatemala) - NZD/USD is trading at 0.8761, up 0.04% on the day, having posted a daily high at 0.8765 and low at 0.8757.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. However, the Business Outlook for New Zealand fell yesterday to an 8 month low from 51 to 45.8. Analysts at TD Securities noted that the drops have been quite steep, the have the indices returning to more normal levels. “Unlike Businesses, Consumer Confidence has picked up in June. While today’s data is soft, it remains above trend, and will not deter the RBNZ from hiking rates further”.
NZD/USD Levels
With spot trading at 0.8762, we can see next resistance ahead at 0.8765 (Daily High), 0.8775 (Daily Classic PP), 0.8780 (Monthly High), (Weekly High) and (Annual High). Support below can be found at 0.8758 (Daily Open), 0.8757 (Daily Low), 0.8755 (Daily Classic S1), 0.8752 (Hourly 20 EMA) and 0.8744 (Weekly Classic PP).
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. However, the Business Outlook for New Zealand fell yesterday to an 8 month low from 51 to 45.8. Analysts at TD Securities noted that the drops have been quite steep, the have the indices returning to more normal levels. “Unlike Businesses, Consumer Confidence has picked up in June. While today’s data is soft, it remains above trend, and will not deter the RBNZ from hiking rates further”.
NZD/USD Levels
With spot trading at 0.8762, we can see next resistance ahead at 0.8765 (Daily High), 0.8775 (Daily Classic PP), 0.8780 (Monthly High), (Weekly High) and (Annual High). Support below can be found at 0.8758 (Daily Open), 0.8757 (Daily Low), 0.8755 (Daily Classic S1), 0.8752 (Hourly 20 EMA) and 0.8744 (Weekly Classic PP).