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3 Jul 2014
NZD/USD: Range-trading, 0.88 still protected
FXStreet (Bali) - NZD/USD remains in a consolidation pattern circa 0.8770, with the range edges well defined at 0.8790 on the upside an 0.8725 on the lower part.
Jim Langlands, Founder at FXCharts, notes: "The bearish divergence on the 4 hour charts is still warning of a possible near term correction to the downside, but the dailies are still pointing higher and thus buying dips still appears the way to go."
Traders should be in a watchful position for the upcoming releases out of Australia, with RBA Governor Stevens scheduled to give a speech at 1GMT, while Aus retail sales will be published at 1.30. The risk events will have a high impact effect on the Aussie, potentially dragging the NZD with it depending on the data outcomes.
Jim Langlands, Founder at FXCharts, notes: "The bearish divergence on the 4 hour charts is still warning of a possible near term correction to the downside, but the dailies are still pointing higher and thus buying dips still appears the way to go."
Traders should be in a watchful position for the upcoming releases out of Australia, with RBA Governor Stevens scheduled to give a speech at 1GMT, while Aus retail sales will be published at 1.30. The risk events will have a high impact effect on the Aussie, potentially dragging the NZD with it depending on the data outcomes.