11 Jun 2015
SEB: NZD/USD might dip before rebounding higher – eFXnews
FXStreet (Barcelona) - The Technical Strategy Team at SEB, sees the lower move of NZD/USD as temporary, as noted by eFXnews.
Key Quotes
“Contrary to our view RBNZ did cut the OCR by 25bps thereby triggering a new round of Kiwi-selling (overrunning the bullish engulfing candle from earlier in the week). However given that we again are moving into stretched conditions and with MACD still oversold and narrowing we see this move lower as short term temporary (the NZD/USD trend is without doubt down but the short term conditions aren’t the best for an immediate continuation) so look for a sub 0.70 dip and then a rebound.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“Contrary to our view RBNZ did cut the OCR by 25bps thereby triggering a new round of Kiwi-selling (overrunning the bullish engulfing candle from earlier in the week). However given that we again are moving into stretched conditions and with MACD still oversold and narrowing we see this move lower as short term temporary (the NZD/USD trend is without doubt down but the short term conditions aren’t the best for an immediate continuation) so look for a sub 0.70 dip and then a rebound.”
This content has been provided under specific arrangement with eFXnews.