13 May 2015
NZD/USD recovers losses
FXStreet (Mumbai) - The Kiwi saw a rise in demand, thereby pushing the NZD/USD pair from the low of 0.7360 to the current level of 0.7412.
NZD Exchange rate unjustified – RBNZ’s Wheeler
The pair had come under pressure after the RBNZ governor Wheeler said to the Parliament's Finance and Expenditure Select Committee, "We still think the exchange rate is unjustified and unsustainable. We'd like to see more movement downward in the exchange rate. However, Wheler omitted he previous reference to its level being unjustified during the release of the Reserve Bank of New Zealand's semi-annual financial stability report in Wellington.
The pair recovered from the lows, after being sold aggressively in the last few sessions on increased hopes of an interest rate cut in New Zealand as early as next month.
NZD/USD Technical Levels
The immediate resistance is located at 0.7857 (10-DMA), above which the pair could test its 100-DMA at 0.7496. On the downside, 0.74 and the previous session’s low of 0.7327 could act as strong support.
NZD Exchange rate unjustified – RBNZ’s Wheeler
The pair had come under pressure after the RBNZ governor Wheeler said to the Parliament's Finance and Expenditure Select Committee, "We still think the exchange rate is unjustified and unsustainable. We'd like to see more movement downward in the exchange rate. However, Wheler omitted he previous reference to its level being unjustified during the release of the Reserve Bank of New Zealand's semi-annual financial stability report in Wellington.
The pair recovered from the lows, after being sold aggressively in the last few sessions on increased hopes of an interest rate cut in New Zealand as early as next month.
NZD/USD Technical Levels
The immediate resistance is located at 0.7857 (10-DMA), above which the pair could test its 100-DMA at 0.7496. On the downside, 0.74 and the previous session’s low of 0.7327 could act as strong support.