9 Mar 2015
NZD/USD bounces at 0.7320; back to 0.7365
FXStreet (Tokyo) - The New Zealand dollar is attempting to recover ground against its American counterpart and after bouncing around 45 pips from 0.7320, the NZD/USD is now trading at 0.7365.
Currently, NZD/USD is trading at 0.7361, down 0.04% on the day, having posted a daily high at 0.7375 and low at 0.7323. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
NZD/USD Forecast
The NZD/USD is now focused on the RBNZ rate decision that will be announced on Wednesday (Thursday in Oakland), market expectations is that the RBNZ will maintain rates unchanged at 3.5%. According to the Growth Aces Research Team, the RBNZ "will likely keep interest rates unchanged and retain its neutral bias."
In this framework, "the NZD is likely to strengthen somewhat on profit taking this week." Growth Aces changed medium-term outlook to slightly bearish."
FOREX.com Market Strategist Neal Gilbert says that despite the "RBNZ is walking the macroprudential path of not raising or cutting rates," there are cons for the NZD and it' the "increasing restrictions in the real estate market."
New Zealand dollar to US Dollar exchange rate levels
The pair is now testing the 20-hour MA at 0.7365, if the pair consolidates gains above this level, it will find next resistances at 0.7400, 0.7420 and 0.7450.
Currently, NZD/USD is trading at 0.7361, down 0.04% on the day, having posted a daily high at 0.7375 and low at 0.7323. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
NZD/USD Forecast
The NZD/USD is now focused on the RBNZ rate decision that will be announced on Wednesday (Thursday in Oakland), market expectations is that the RBNZ will maintain rates unchanged at 3.5%. According to the Growth Aces Research Team, the RBNZ "will likely keep interest rates unchanged and retain its neutral bias."
In this framework, "the NZD is likely to strengthen somewhat on profit taking this week." Growth Aces changed medium-term outlook to slightly bearish."
FOREX.com Market Strategist Neal Gilbert says that despite the "RBNZ is walking the macroprudential path of not raising or cutting rates," there are cons for the NZD and it' the "increasing restrictions in the real estate market."
New Zealand dollar to US Dollar exchange rate levels
The pair is now testing the 20-hour MA at 0.7365, if the pair consolidates gains above this level, it will find next resistances at 0.7400, 0.7420 and 0.7450.