30 Jul 2013
NZD/USD breaks below 0.80 following RBA Stevens
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at 0.7992 , off fresh session and weekly lows at 0.7979, down so far a -1.13% for the week from previous weekly close Friday, following RBA Stevens comments.
NZD/USD more supported than Aussie during the down move
“Once the Kiwi failed to break 0.8100 (high 0.8098), the longs became nervous, as the Aud drifted lower in expectation of an RBA rate cut, and stops were triggered,” said FX Charts analyst Jim Langlands. According to ANZ Bank Foreign Exchange Manager Murray Hindley, "The Kiwi has struggled in line with weakness in the Aussie." Hindley added that diary giant Fonterra is likely to announce soon the increased forecast payout to its farmers.
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at July 19 highs at 0.7992, followed by July 17 highs/July 23 lows at 0.7952/42, and July 24 lows at 0.7904. To the upside, closest resistance shows at yesterday's lows 0.8010, followed by Friday's lows at 0.8054, and Friday's/Thursday's 1-month highs at 0.8105.
NZD/USD more supported than Aussie during the down move
“Once the Kiwi failed to break 0.8100 (high 0.8098), the longs became nervous, as the Aud drifted lower in expectation of an RBA rate cut, and stops were triggered,” said FX Charts analyst Jim Langlands. According to ANZ Bank Foreign Exchange Manager Murray Hindley, "The Kiwi has struggled in line with weakness in the Aussie." Hindley added that diary giant Fonterra is likely to announce soon the increased forecast payout to its farmers.
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at July 19 highs at 0.7992, followed by July 17 highs/July 23 lows at 0.7952/42, and July 24 lows at 0.7904. To the upside, closest resistance shows at yesterday's lows 0.8010, followed by Friday's lows at 0.8054, and Friday's/Thursday's 1-month highs at 0.8105.