19 Jun 2014
NZD/USD is back to May highs again
FXStreet (Moscow) - NZD/USD opened at 0.8729, reached session high at 0.8735, but moved lower on GDP release trading around 0.8710 at the moment.
Kiwi bulls are back
New Zealand keeps surprising. Just recently we got to know the current account balance returned to surplus in the first quarter, and pay attention that it was the largest quarterly surplus ever. Dairy prices - the economy is very dependent on its moves- rose sharply in the first quarter, leading to a rise in the terms of trade. First quarter GDP numbers were mixed, as the quarterly readings missed expectation, and the yearly exceeded proving good pace of growth. Thus, coupled with recent RBNZ’s hawkishness it may support the New Zealand dollar further out. The initial target to the upside may be at 0.8763 with 0.8792 to follow.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8707 with support below at 0.8678, 0.8622, and 0.8593, with resistance above at 0.8763, 0.8792, and 0.8848. Hourly Moving Averages are bullish, with the 200SMA at 0.8613 and the daily 20EMA buliish at 0.8590. Hourly RSI is bullish at 61.
Kiwi bulls are back
New Zealand keeps surprising. Just recently we got to know the current account balance returned to surplus in the first quarter, and pay attention that it was the largest quarterly surplus ever. Dairy prices - the economy is very dependent on its moves- rose sharply in the first quarter, leading to a rise in the terms of trade. First quarter GDP numbers were mixed, as the quarterly readings missed expectation, and the yearly exceeded proving good pace of growth. Thus, coupled with recent RBNZ’s hawkishness it may support the New Zealand dollar further out. The initial target to the upside may be at 0.8763 with 0.8792 to follow.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8707 with support below at 0.8678, 0.8622, and 0.8593, with resistance above at 0.8763, 0.8792, and 0.8848. Hourly Moving Averages are bullish, with the 200SMA at 0.8613 and the daily 20EMA buliish at 0.8590. Hourly RSI is bullish at 61.