TenkoFX - Analytics

    TenkoFX

    415.75 7.25/10
    68% of positive reviews
    Real

    NZD/USD: heavy on the 0.71 handle? Ross J Burland

    NZD/USD has been a top performer at the end of this week, ever since the RBNZ held off, for now (RBNZ could still cut rates - UBS), and markets got very excited and nailed the greenback to the floor with strong bids that went on for 24hrs of business to finally close at 0.7147.The bird has been in consolidation for the remaining trade as we wind down for the week, but has managed to hold on in the face of some renewed strength coming through in the US dollar, up 0.7% overnight. We now await the closing data for the US tomorrow and a continuation of some better results could knock the bird down a peg or two with further tests below the 0.71 handle. The Chinese data will be traded on the open next week as next major catalyst.NZD/USD levelsNZD/USD: watching for markets to price in RBNZ cuts again - WestpacNZD/USD has been testing the downside, capped at the highs on two occasions and just shy of 0.7150. A break of the 20 sma in the 1hr overnight 0.7119 has exposed the 50 sma at 0.7042 could be significant and end the case for further upside for the meantime.A phase of consolidation before losses to the 100 sma on the same time frame at 0.6987 and previous resistance at 0.6960 could offer strong support on the downside.  On the upside, 0.7190/00 are key levels (100 week sma).


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree