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31 Oct 2013
NZD/USD ducking back below 0.83 handle
FXstreet.com (London) - The NZD/USD has dropped from a high of 0.8312 and is currently trading in the region of the 0.8280- supporting line again having made a 0.8264 low on the 30 min sticks.
After probing the 200-day MA near 0.8180 yesterday on the RBNZ, the kiwi is seeing a modest bounce today. Research teams at BBH note that the RBNZ decision came in as expected overnight with the policy rate that was kept steady at 2.5%. “The RBNZ highlighted the likelihood of a rate hike in 2014, but said that currency gain gives it more flexibility on policy. It added that rate hikes are dependent on momentum in the housing market. BOC eventually eliminated its rate hike bias, and continue to think RBNZ may have to do the same eventually.
NZD/USD Levels
The 20 DMA is 0.8354, the 50 DMA is 0.8187 and the 200 DMA is 0.8182. RSI (14) reads 55.10. Supports are ascending from 0.8130, 0.8165, 0.8193. 0.8212, 0.8254. Spot is currently 0.8280 with resistances that are coming in at 0.8303, 0.8335, and 0.8359.
After probing the 200-day MA near 0.8180 yesterday on the RBNZ, the kiwi is seeing a modest bounce today. Research teams at BBH note that the RBNZ decision came in as expected overnight with the policy rate that was kept steady at 2.5%. “The RBNZ highlighted the likelihood of a rate hike in 2014, but said that currency gain gives it more flexibility on policy. It added that rate hikes are dependent on momentum in the housing market. BOC eventually eliminated its rate hike bias, and continue to think RBNZ may have to do the same eventually.
NZD/USD Levels
The 20 DMA is 0.8354, the 50 DMA is 0.8187 and the 200 DMA is 0.8182. RSI (14) reads 55.10. Supports are ascending from 0.8130, 0.8165, 0.8193. 0.8212, 0.8254. Spot is currently 0.8280 with resistances that are coming in at 0.8303, 0.8335, and 0.8359.