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29 Jul 2015
NZD/USD settles after early keen buyers to key resistance
FXStreet (Guatemala) - NZD/USD is currently trading at 0.6716 with a high of 0.6739 and a low of 0.6657.
NZD/USD has been on the bid on the back of Wheeler speaking at a private event about the economy. He said that further depreciation is necessary although various factors are supporting growth while current policy is adding stimulus to the economy and he targets a 9-12month inflation goal of 2%. There would only be large cuts if the economy was moving towards a recession.
Perhaps this means the RBNZ is content that no further action will be required otherwise, and hence the bid in the bird. On the other hand, in the thin liquidity and vanilla buyers coming to the table be it corporate end of month hedging or short covering, but either way, the main theme and broader bear trends remains firmly in place.
NZD/USD remains in the hands of the bears
Technically, we have regained territory at the July 15th decent, but have failed to surpass the level and sellers remain in charge overall below 0.6781. NZD/USD continues to be in a multi-month downtrend headed for 0.6400 on further continuations. The 15th of July low at 0.6498 comes as first target once 0.66 has broken down and on a break of the current support line of 0.6560.
NZD/USD has been on the bid on the back of Wheeler speaking at a private event about the economy. He said that further depreciation is necessary although various factors are supporting growth while current policy is adding stimulus to the economy and he targets a 9-12month inflation goal of 2%. There would only be large cuts if the economy was moving towards a recession.
Perhaps this means the RBNZ is content that no further action will be required otherwise, and hence the bid in the bird. On the other hand, in the thin liquidity and vanilla buyers coming to the table be it corporate end of month hedging or short covering, but either way, the main theme and broader bear trends remains firmly in place.
NZD/USD remains in the hands of the bears
Technically, we have regained territory at the July 15th decent, but have failed to surpass the level and sellers remain in charge overall below 0.6781. NZD/USD continues to be in a multi-month downtrend headed for 0.6400 on further continuations. The 15th of July low at 0.6498 comes as first target once 0.66 has broken down and on a break of the current support line of 0.6560.