4 Feb 2014
NZD/USD making fresh lows
FXStreet (Guatemala) - NZD/USD making fresh lows along the descending trend line established from the drop from the high of 0.8138.
NZD/USD is testing 0.8080 ahead of a light calendar for the pair in Asia. Focus has been on the US economy, and markets have been in risk off mode. Attention wilt un to the RBA. Meanwhile, Imre Speizer at Westpac noted that despite a probable RBNZ interest rates hike on 13 March, markets have picked on the NZD to express negative sentiment towards risky assets globally. “That may be because the NZD has one of the highest betas (sensitivity to risky assets) among the world’s major currencies. In addition, the NZD was a top performer in 2013, making it an attractive mean-reversion trade. If 0.8085 gives way, we’ll target 0.7900 during the weeks ahead”.
NZD/USD Levels
The 20 DMA is 0.8276, the 50 DMA is 0.8238 and the 200 DMA is 0.8139. RSI (14) reads 37.14. Supports are ascending from 0.7962, 0.8004, 0.8037, 0.8063. Spot is 0.8080 while resistances are 0.8127, 0.8161, 0.8187 and 0.8195.
NZD/USD is testing 0.8080 ahead of a light calendar for the pair in Asia. Focus has been on the US economy, and markets have been in risk off mode. Attention wilt un to the RBA. Meanwhile, Imre Speizer at Westpac noted that despite a probable RBNZ interest rates hike on 13 March, markets have picked on the NZD to express negative sentiment towards risky assets globally. “That may be because the NZD has one of the highest betas (sensitivity to risky assets) among the world’s major currencies. In addition, the NZD was a top performer in 2013, making it an attractive mean-reversion trade. If 0.8085 gives way, we’ll target 0.7900 during the weeks ahead”.
NZD/USD Levels
The 20 DMA is 0.8276, the 50 DMA is 0.8238 and the 200 DMA is 0.8139. RSI (14) reads 37.14. Supports are ascending from 0.7962, 0.8004, 0.8037, 0.8063. Spot is 0.8080 while resistances are 0.8127, 0.8161, 0.8187 and 0.8195.