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2 Jun 2015
NZD/USD targeting 0.6950 on the downside
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7091 with a high of 0.7099 and a low of 0.7084.
NZD/USD is better offered as Asia wakes up on 0.7080 support while the market has commenced in the US week in full dollar bid mode on the back of US data starting the week off well ahead of the Nonfarm Payrolls this week as the major event.
Meanwhile, the RBNZ will be in focus again this month also and the market is adjusting to the sentiment that suggests that the RBNZ is on the fence as to whether to cut interest rates or not, with the danger of sparking a full blown property bubble for the sake of spurring growth in lagging sectors.
Technically, NZD/USD is treading the base of activity of May's close and start of June's business on the slide from the mid point go the 0.71 handle. The break through the 0.72 handle and scoring the lowest level now since Feb 2011, the move was significant and came with conviction as opposed to defining a triple bounce, and coupled with the divergence between the Fed and a more dovish RBNZ, the next target comes as 0.6950 while below 0.7200.
NZD/USD is better offered as Asia wakes up on 0.7080 support while the market has commenced in the US week in full dollar bid mode on the back of US data starting the week off well ahead of the Nonfarm Payrolls this week as the major event.
Meanwhile, the RBNZ will be in focus again this month also and the market is adjusting to the sentiment that suggests that the RBNZ is on the fence as to whether to cut interest rates or not, with the danger of sparking a full blown property bubble for the sake of spurring growth in lagging sectors.
Technically, NZD/USD is treading the base of activity of May's close and start of June's business on the slide from the mid point go the 0.71 handle. The break through the 0.72 handle and scoring the lowest level now since Feb 2011, the move was significant and came with conviction as opposed to defining a triple bounce, and coupled with the divergence between the Fed and a more dovish RBNZ, the next target comes as 0.6950 while below 0.7200.