2 Jul 2013
NZD/USD exceeds yesterdays low
FXstreet.com (London) - NZD/USD has printed a new low for the week so far, 0.7741.
NZD/USD is down 0.9% as of the Asian shift, moving well away from resistance levels around 0.7835. Should there be a break out below here, that will really worry RBNZ. Stephen Gallo at BMO said hopes that the RBNZ does find an inventive way to limit NZD strength, mainly because it’s rather unfair for an economy to lose trade-weighted competitiveness and for a central bank to be seen as “losing control” purely as a result of such inane forces like the “quest for yield” or volatile capital flows which are not at all of the RBNZ’s making. “Nevertheless, neither time nor market pressures appear to be on the RBNZ’s side at present.”
NZD/USD bearish signals
NZD/USD is lined up to break the continued support with momentum and MA’s, both short and long term all offering a bias to the downside. RSI prints 39. Support comes as 0.7750, 0.7720.
NZD/USD is down 0.9% as of the Asian shift, moving well away from resistance levels around 0.7835. Should there be a break out below here, that will really worry RBNZ. Stephen Gallo at BMO said hopes that the RBNZ does find an inventive way to limit NZD strength, mainly because it’s rather unfair for an economy to lose trade-weighted competitiveness and for a central bank to be seen as “losing control” purely as a result of such inane forces like the “quest for yield” or volatile capital flows which are not at all of the RBNZ’s making. “Nevertheless, neither time nor market pressures appear to be on the RBNZ’s side at present.”
NZD/USD bearish signals
NZD/USD is lined up to break the continued support with momentum and MA’s, both short and long term all offering a bias to the downside. RSI prints 39. Support comes as 0.7750, 0.7720.