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21 Apr 2014
Kiwi's attempt at 0.8600 failed
FXStreet (Moscow) - NZD/USD is trading at 0.8568, down -0.10% on the day, having posted a daily high at 0.8603 and low at 0.8558.
What goes up must come down
RBNZ is expected to go on with its tightening cycle and to raise rates at the next meeting, but this time kiwi might be less impressed than before as the decision is completely priced in, while domestic macro economic figures leave much to be desired. The central bank has refrained from verbal interventions despite a spectacular NZD rise across the board, but strong currency reduces the inflation pressure and tightened monetary conditions, which may force the central bank to slow down its rate normalization process. This week watch for NZ credit card spending data and Chinese leading economic indices as they have a potential to become a catalyst for Kiwi movements.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8580, with support below at 0.8564, 0.8551 and 0.8535, with resistance above at 0.8593, 0.8609 and 0.8622. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.8648 and the daily 20EMA at 0.8608. Hourly RSI is bearish at 37.
What goes up must come down
RBNZ is expected to go on with its tightening cycle and to raise rates at the next meeting, but this time kiwi might be less impressed than before as the decision is completely priced in, while domestic macro economic figures leave much to be desired. The central bank has refrained from verbal interventions despite a spectacular NZD rise across the board, but strong currency reduces the inflation pressure and tightened monetary conditions, which may force the central bank to slow down its rate normalization process. This week watch for NZ credit card spending data and Chinese leading economic indices as they have a potential to become a catalyst for Kiwi movements.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8580, with support below at 0.8564, 0.8551 and 0.8535, with resistance above at 0.8593, 0.8609 and 0.8622. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.8648 and the daily 20EMA at 0.8608. Hourly RSI is bearish at 37.