3 Jul 2013
NZD/USD testing session highs
FXstreet.com (Edinburgh) - The kiwi dollar is taking advantage of the renewed weakness surrounding the greenback, pushing the NZD/USD to test intraday highs in the boundaries of 0.7800 the figure.
NZD/USD still a sell on rallies
The broader picture around the NZD remains bearish, a vision shared by the RBNZ when stated a couple of meetings ago its willingness to intervene in the exchange rate. In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “Holding above 0.7700 increases the potential that a base is forming but a close above 0.7800 is still needed to suggest that the squeeze has begun… Despite this call for a squeeze, rebounds should provide a selling opportunity”.
NZD/USD levels to watch
As of writing, the pair is up 0.37% at 0.7780 with the next resistance at 0.7810 (hourly high/lows Jul.2) followed by 0.7831 (high Jul.1). On the downside, a break below 0.7711 (low Jul.3) would clear the way to 0.7690 (low Jul.1) and finally 0.7683 (low Jun.24).
NZD/USD still a sell on rallies
The broader picture around the NZD remains bearish, a vision shared by the RBNZ when stated a couple of meetings ago its willingness to intervene in the exchange rate. In the opinion of Tim Riddell, Head of Global Markets Research at ANZ, “Holding above 0.7700 increases the potential that a base is forming but a close above 0.7800 is still needed to suggest that the squeeze has begun… Despite this call for a squeeze, rebounds should provide a selling opportunity”.
NZD/USD levels to watch
As of writing, the pair is up 0.37% at 0.7780 with the next resistance at 0.7810 (hourly high/lows Jul.2) followed by 0.7831 (high Jul.1). On the downside, a break below 0.7711 (low Jul.3) would clear the way to 0.7690 (low Jul.1) and finally 0.7683 (low Jun.24).