16 Jul 2014
NZD/USD ahead of CPI on back foot
FXStreet (Guatemala) - NZD/USD is trading at 0.8766, down 0.00% on the day, having posted a daily high at 0.8772 and low at 0.8765.
With losing the 0.88 handle, the pair remains under pressure based upon Yellens rhetoric from earlier, signalling that as labour markets improve, rate hike could come sooner than what the market had been pricing in. However we still have the tonight’s CPI which may give the NZD some support. “The CPI release this week could provide a small positive surprise, but the RBNZ on 24 July is likely to do the opposite. Thus there is a chance 0.8843 high could be tested this week, followed by a decline in two weeks time”, explained Imre Speizer, Westpac Banking Corporation ABN.
NZD/USD Levels
Spot is presently trading at 0.8766, and next resistance can be seen at 0.8767 (Weekly Low), 0.8768 (Daily Open), 0.8772 (Daily High), 0.8780 (Daily Classic S2) and 0.8785 (Hourly 200 SMA). Support below can be found at 0.8765 (Daily Low), 0.8765 (Daily Classic S3), 0.8750 (Yesterday's Low), 0.8747 (Daily 20 SMA) and 0.8738 (Weekly Classic S1).
With losing the 0.88 handle, the pair remains under pressure based upon Yellens rhetoric from earlier, signalling that as labour markets improve, rate hike could come sooner than what the market had been pricing in. However we still have the tonight’s CPI which may give the NZD some support. “The CPI release this week could provide a small positive surprise, but the RBNZ on 24 July is likely to do the opposite. Thus there is a chance 0.8843 high could be tested this week, followed by a decline in two weeks time”, explained Imre Speizer, Westpac Banking Corporation ABN.
NZD/USD Levels
Spot is presently trading at 0.8766, and next resistance can be seen at 0.8767 (Weekly Low), 0.8768 (Daily Open), 0.8772 (Daily High), 0.8780 (Daily Classic S2) and 0.8785 (Hourly 200 SMA). Support below can be found at 0.8765 (Daily Low), 0.8765 (Daily Classic S3), 0.8750 (Yesterday's Low), 0.8747 (Daily 20 SMA) and 0.8738 (Weekly Classic S1).