18 Jul 2014
NZD/USD bounces off 1-month low
FXStreet (Córdoba) - The NZD/USD managed to recover slightly at the beginning of the European session, snapping a 7-day losing streak.
The NZD/USD has been in constant retreat after hitting a 3-year high of 0.8834 last week and the Kiwi faced some extra pressure Friday as geopolitical problems in Russia/Ukraine and Israel/Gaza sparked risk aversion. The pair fell to a low of 0.8645 but the 50-day SMA helped to contain the slide and some profit taking underpinned a mild recovery.
At time of writing, the NZD/USD is trading at the 0.8685 area, recording a 0.23% gain on the day but still on track to post a 1.38% loss in the week. Next week, the RBNZ meeting will meet and analysts call for another 25 bps hike.
NZD/USD technical levels
As for technical levels, next supports are seen at 0.8645 (50-day SMA), 0.8613 (100-day SMA) and 0.8600 (psychological level). On the flip side, resistances could be found at 0.8717 (Jul 15 high), 0.8767 (Jul 14 high) and 0.8800 (psychological level).
The NZD/USD has been in constant retreat after hitting a 3-year high of 0.8834 last week and the Kiwi faced some extra pressure Friday as geopolitical problems in Russia/Ukraine and Israel/Gaza sparked risk aversion. The pair fell to a low of 0.8645 but the 50-day SMA helped to contain the slide and some profit taking underpinned a mild recovery.
At time of writing, the NZD/USD is trading at the 0.8685 area, recording a 0.23% gain on the day but still on track to post a 1.38% loss in the week. Next week, the RBNZ meeting will meet and analysts call for another 25 bps hike.
NZD/USD technical levels
As for technical levels, next supports are seen at 0.8645 (50-day SMA), 0.8613 (100-day SMA) and 0.8600 (psychological level). On the flip side, resistances could be found at 0.8717 (Jul 15 high), 0.8767 (Jul 14 high) and 0.8800 (psychological level).