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4 Jul 2013
NZD/USD prints session high
FXstreet.com (London) - NZD/USD has climbed to print 0.7850 high on the session.
The NZD/USD has quietly been tracking the Aussie dollars performance today, in the shadows of events taking place else where with the BoE and ECB taking the lime light. The pair are up 0.81% on the session since Asia. In an environment where the dollar is bid elsewhere, the pair has done pretty well to keep a footing. Yields are in focus and both ECB and BoE gave signals that their economies will require those to be tempered.
“The fact that even the Fed’s influential dovish members are now actively talking about tapering should help the USD establish a base of support, in our view. But it would be a mistake to assume the USD is about to move steadily higher, and in a straight line. The likelihood the US economy has to negotiate one or two more soft patches on its way towards a self-sustaining recovery means we still expect the NZD/USD to hold up in an elevated range this year. It might just be that this range is more like 0.7500-0.8500 than the 0.8000-0.9000 range that looked likely 3-4 months ago.” – Mike Jones, Strategist at BNZ.
NZD/USD broken ranges
NZD/USD broke to the top-side of the range above 0.7790 while the pivot offers key support at 0.7761 with Ma’s offering a positive bias on a short term basis. RSI however reads in overbought territory and has increased to 67 on the daily’s. Otherwise, the pair has well and truly broken the descending resistance of the wedge pattern and a bullish bias remains.
The NZD/USD has quietly been tracking the Aussie dollars performance today, in the shadows of events taking place else where with the BoE and ECB taking the lime light. The pair are up 0.81% on the session since Asia. In an environment where the dollar is bid elsewhere, the pair has done pretty well to keep a footing. Yields are in focus and both ECB and BoE gave signals that their economies will require those to be tempered.
“The fact that even the Fed’s influential dovish members are now actively talking about tapering should help the USD establish a base of support, in our view. But it would be a mistake to assume the USD is about to move steadily higher, and in a straight line. The likelihood the US economy has to negotiate one or two more soft patches on its way towards a self-sustaining recovery means we still expect the NZD/USD to hold up in an elevated range this year. It might just be that this range is more like 0.7500-0.8500 than the 0.8000-0.9000 range that looked likely 3-4 months ago.” – Mike Jones, Strategist at BNZ.
NZD/USD broken ranges
NZD/USD broke to the top-side of the range above 0.7790 while the pivot offers key support at 0.7761 with Ma’s offering a positive bias on a short term basis. RSI however reads in overbought territory and has increased to 67 on the daily’s. Otherwise, the pair has well and truly broken the descending resistance of the wedge pattern and a bullish bias remains.