1 Jul 2013
NZD/USD finds support
FXstreet.com (London) - NZD/USD has found support at 0.7745/50 having drifted lower from 0.7863.
The dollar had risen sharply overnight, while China continues to slowdown. There isn’t anything in the way of NZ data to affect the pair outright, except he market will focus on US data. Regional surveys suggest that ISM manufacturing in June printed back above 50, suggesting that soft patch is ending.
NZD/USD Bearish technicals
Saeed Amen, strategist at Nomura, said the technical NZD/USD bearish for the week and ranging. He keeps his bearish view. RSI has barely bounced suggesting the move upward has not been accompanied by much momentum. Also, he said spot has struggled above 0.7800. “Bandwidth is fairly static, which favours a retracement within the range back lower. Our target is 0.7700 (bottom of the recent range)”.
The dollar had risen sharply overnight, while China continues to slowdown. There isn’t anything in the way of NZ data to affect the pair outright, except he market will focus on US data. Regional surveys suggest that ISM manufacturing in June printed back above 50, suggesting that soft patch is ending.
NZD/USD Bearish technicals
Saeed Amen, strategist at Nomura, said the technical NZD/USD bearish for the week and ranging. He keeps his bearish view. RSI has barely bounced suggesting the move upward has not been accompanied by much momentum. Also, he said spot has struggled above 0.7800. “Bandwidth is fairly static, which favours a retracement within the range back lower. Our target is 0.7700 (bottom of the recent range)”.