7 Jun 2013
NZD/USD grinding lower, around 0.7960
FXstreet.com (Barcelona) - The kiwi dollar is following its Antipodean peer on Thursday, falling from yesterday’s highs in the vicinity of 0.8110 to the current region around 0.7960/65.
According to BNZ Research, “We do not see the NZD/USD now embarking on a one-way downward path. Positive domestic fundamentals including relative growth, interest rates and commodity prices should keep the NZD well underpinned. We remain comfortable with a broad 0.7500-0.8500 range for the NZD over the coming year”.
At the moment the pair is losing 0.83% at 0.7964 and a breakdown of 0.7925 (hourly high/lows Jun.6) would bring 0.7922 (61.8% of 0.7456-0.867). On the upside, the immediate hurdle lies at 0.8049 (MA10d) ahead of 0.8105 (high Jun.4) and finally 0.8119 (high Jun.3).
According to BNZ Research, “We do not see the NZD/USD now embarking on a one-way downward path. Positive domestic fundamentals including relative growth, interest rates and commodity prices should keep the NZD well underpinned. We remain comfortable with a broad 0.7500-0.8500 range for the NZD over the coming year”.
At the moment the pair is losing 0.83% at 0.7964 and a breakdown of 0.7925 (hourly high/lows Jun.6) would bring 0.7922 (61.8% of 0.7456-0.867). On the upside, the immediate hurdle lies at 0.8049 (MA10d) ahead of 0.8105 (high Jun.4) and finally 0.8119 (high Jun.3).