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5 Jul 2013
NZD/USD ticking higher
FXstreet.com (London) - NZD/USD had fallen in NY and Asia, shedding pips from 0.7860 to a low of 0.7803.
NZD/USD has ticked up in London, making a high of 0.7819. The pair had however moved from 0.7710 making an impressive high to 0.7860 while focus had been else where around releases of statements from BoE and then the ECB. The dramatic moves in the crosses of course will see the Kiwi edge higher vrs the dollar, and that appears to be the state of play this morning as well. Moreover, the NZ economy’s superior fundamentals and a more hawkish stance from the RBNZ could continue to expert upward pressure on the crosses and spill over to the NZD/USD, offering a bias to the upside, until of course markets align with US fundamentals and that risk comes later on today in the form of the awaited jobs report when US markets come back into play, returning from July 4th holidays.
NZD/USD risk and technically bullish
Attention will be paid to the NFP’s that comes in the afternoon. The Feds forward guidance centers around the labour market developments at present and the market will be looking for a strong report to keep the expectation of first tapering of the Feds QE programme alive. The price has well and truly broken the wedge pattern at 0.7775 and support s coming in at 0.7800 handle. However, RSI reading 56 points to momentum slowing down much above here while hourly MA’s still offer a bullish bias. 0.7860 and 0.7900 act as near term resistances.
NZD/USD has ticked up in London, making a high of 0.7819. The pair had however moved from 0.7710 making an impressive high to 0.7860 while focus had been else where around releases of statements from BoE and then the ECB. The dramatic moves in the crosses of course will see the Kiwi edge higher vrs the dollar, and that appears to be the state of play this morning as well. Moreover, the NZ economy’s superior fundamentals and a more hawkish stance from the RBNZ could continue to expert upward pressure on the crosses and spill over to the NZD/USD, offering a bias to the upside, until of course markets align with US fundamentals and that risk comes later on today in the form of the awaited jobs report when US markets come back into play, returning from July 4th holidays.
NZD/USD risk and technically bullish
Attention will be paid to the NFP’s that comes in the afternoon. The Feds forward guidance centers around the labour market developments at present and the market will be looking for a strong report to keep the expectation of first tapering of the Feds QE programme alive. The price has well and truly broken the wedge pattern at 0.7775 and support s coming in at 0.7800 handle. However, RSI reading 56 points to momentum slowing down much above here while hourly MA’s still offer a bullish bias. 0.7860 and 0.7900 act as near term resistances.