1 Jul 2013
NZD/USD stabilizes above 0.7700
FXstreet.com (New York) - The NZD/USD foreign exchange rate started off the trading week above the 0.7700 barrier, despite the late plunge last week that roiled the pair.
In these moments Monday, the NZD/USD is inching higher in positive territory at 0.7712, during Asian trading. Briefing the technicals, Mataf.net analysts identify the next short-term measures of resistance at 0.7839, then 0.7894, and finally 0.7934. Meanwhile, support lies below at 0.7704, ahead of 0.7649.
NZD/USD forecasts downgraded
According to the BNZ Research Team, “We revised down our NZD/USD forecasts last week, but identified upside risks from speculative positioning and supportive domestic ‘fundamentals’. The latest update of our new short-term valuation model shows NZD/USD ‘fair-value’ has declined 4 cents over the past month, to 0.7750-0.8150.”
In these moments Monday, the NZD/USD is inching higher in positive territory at 0.7712, during Asian trading. Briefing the technicals, Mataf.net analysts identify the next short-term measures of resistance at 0.7839, then 0.7894, and finally 0.7934. Meanwhile, support lies below at 0.7704, ahead of 0.7649.
NZD/USD forecasts downgraded
According to the BNZ Research Team, “We revised down our NZD/USD forecasts last week, but identified upside risks from speculative positioning and supportive domestic ‘fundamentals’. The latest update of our new short-term valuation model shows NZD/USD ‘fair-value’ has declined 4 cents over the past month, to 0.7750-0.8150.”