13 Sep 2013
NZD/USD losing ground on a corrective pullback session
FXstreet.com (Athens)- The NZD/USD seems to be in a corrective pullback trend behavior after 5 “green” successive days of gaining approximately 220 pips.
NZD/USD on a corrective pullback; NZD Non Resident Bond Holdings data released at solid levels
The NZD/USD is heading downwards today since the opening trading session in Asia on Friday’s morning. However, it might be seen just as a corrective pullback due to a couple of reasons; first of all, the “kiwi” had been outperforming since last Friday’s NFP, therefore a “corrective” pullback is more than widely expected. What’s more, it isn’t difficult to see how aggressive the New Zealand rate outlook seems to the speculative markets. Following the Reserve Bank of New Zealand’s (RBNZ) confirmation of forthcoming 2014 rate hikes the past session, traders should not find it out of the blue, if the “kiwi” maintains its uptrend momentum. Last but not least, the percentage of NZ government bonds held by foreign investors for August released earlier at much better than expected and previous figures, therefore the demand for the “kiwi” strengthens.
Technical Analysis on NZD/USD
Gareth Berry on behalf of UBS suggests that “So the RBNZ now thinks that once the first hike is administered in Q2 next year, further hikes will follow in quick succession.” All in all, while RBNZ continue to see the “kiwi” as overvalued, the more hawkish RBNZ policy assessment drove the NZ dollar 0.6% stronger overnight. At the time of writing, the pair is trading at 0.8112 area, down 0.27%. The FXstreet.com Trend Index shows the pair to be slightly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.8060, 0.8040, 0.8020 and resistance at R1: 0.8135 R2:0.8156, R3: 0.8201, respectively.
NZD/USD on a corrective pullback; NZD Non Resident Bond Holdings data released at solid levels
The NZD/USD is heading downwards today since the opening trading session in Asia on Friday’s morning. However, it might be seen just as a corrective pullback due to a couple of reasons; first of all, the “kiwi” had been outperforming since last Friday’s NFP, therefore a “corrective” pullback is more than widely expected. What’s more, it isn’t difficult to see how aggressive the New Zealand rate outlook seems to the speculative markets. Following the Reserve Bank of New Zealand’s (RBNZ) confirmation of forthcoming 2014 rate hikes the past session, traders should not find it out of the blue, if the “kiwi” maintains its uptrend momentum. Last but not least, the percentage of NZ government bonds held by foreign investors for August released earlier at much better than expected and previous figures, therefore the demand for the “kiwi” strengthens.
Technical Analysis on NZD/USD
Gareth Berry on behalf of UBS suggests that “So the RBNZ now thinks that once the first hike is administered in Q2 next year, further hikes will follow in quick succession.” All in all, while RBNZ continue to see the “kiwi” as overvalued, the more hawkish RBNZ policy assessment drove the NZ dollar 0.6% stronger overnight. At the time of writing, the pair is trading at 0.8112 area, down 0.27%. The FXstreet.com Trend Index shows the pair to be slightly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.8060, 0.8040, 0.8020 and resistance at R1: 0.8135 R2:0.8156, R3: 0.8201, respectively.