24 Jun 2014
NZD/USD downside tested but bulls persist
FXStreet (Guatemala) - NZD/USD is trading at 0.8693, down -0.22% on the day, having posted a daily high at 0.8725 and low at 0.8679.
Despite the downside coming back into play for the pair and challenging the 0.87 handle here, Imre Speizer, analyst at Westpac Banking Corporation ABN explained that this month’s hawkish surprise from the RBNZ should keep the market in a bullish mood towards the NZD, despite the modest downside surprise from the Q1 GDP report (although net of revisions it matched consensus). "The RBNZ is likely to hike again in July".
NZD/USD calendar highlights
US Consumer Confidence and US Homes Sales have given the greenback a lift and now the rest of the US calendar is a heavy slate of mostly second tier data, as Imre Speizer points out, “…including the third and final release for Q1 GDP (to probably nearer -2% annualised!), durable goods orders, Michigan and Conference board consumer confidence, and the Markit and Richmond Fed surveys. June Empire and NAHB both came in stronger than expected hinting at another round of decent looking PMIs. Plosser, Williams, Lacker and Bullard are on the speakers podium”.
NZD/USD Levels
Spot is presently trading at 0.8693, and next resistance can be seen at 0.8696 (Yesterday's Low), 0.8702 (Hourly 20 EMA), 0.8711 (Hourly 100 SMA), 0.8712 (Daily Open) and 0.8719 (Daily Classic PP). Next support to the downside can be found at 0.8692 (Weekly Classic PP), 0.8690 (Hourly 200 SMA), 0.8689 (Daily Classic S1), 0.8679 (Daily Low) and 0.8665 (Daily Classic S2).
Despite the downside coming back into play for the pair and challenging the 0.87 handle here, Imre Speizer, analyst at Westpac Banking Corporation ABN explained that this month’s hawkish surprise from the RBNZ should keep the market in a bullish mood towards the NZD, despite the modest downside surprise from the Q1 GDP report (although net of revisions it matched consensus). "The RBNZ is likely to hike again in July".
NZD/USD calendar highlights
US Consumer Confidence and US Homes Sales have given the greenback a lift and now the rest of the US calendar is a heavy slate of mostly second tier data, as Imre Speizer points out, “…including the third and final release for Q1 GDP (to probably nearer -2% annualised!), durable goods orders, Michigan and Conference board consumer confidence, and the Markit and Richmond Fed surveys. June Empire and NAHB both came in stronger than expected hinting at another round of decent looking PMIs. Plosser, Williams, Lacker and Bullard are on the speakers podium”.
NZD/USD Levels
Spot is presently trading at 0.8693, and next resistance can be seen at 0.8696 (Yesterday's Low), 0.8702 (Hourly 20 EMA), 0.8711 (Hourly 100 SMA), 0.8712 (Daily Open) and 0.8719 (Daily Classic PP). Next support to the downside can be found at 0.8692 (Weekly Classic PP), 0.8690 (Hourly 200 SMA), 0.8689 (Daily Classic S1), 0.8679 (Daily Low) and 0.8665 (Daily Classic S2).