23 Jul 2015
NZD/USD prints six day high, trades around 0.6670
FXStreet (Mumbai) - The NZD bulls are gaining an upper hand as the RBNZ softened its stance on the exchange rate, pushing the NZD/USD pair to a six day high of 0.6673.
NZD/USD: Exchange rate no longer unjustified and unsustainable?
The bid tone on the Kiwi strengthened after the RBNZ omitted a line from Governor Wheeler’s statement about the level of the NZ dollar being unjustified and unsustainable. The market appears to have interpreted it as a sign that the bank has softened its stance on the exchange rate after the sharp fall witnessed in last one month.
Consequently, the Kiwi has strengthened across the board. The NZD/USD currently trades at 0.6668; up 1.38% on the day.
NZD/USD Technical Levels
The immediate resistance is seen at 0.67, followed by major hurdle at 0.6770. On the other hand, support is seen at 0.6653 and 0.6557.
NZD/USD: Exchange rate no longer unjustified and unsustainable?
The bid tone on the Kiwi strengthened after the RBNZ omitted a line from Governor Wheeler’s statement about the level of the NZ dollar being unjustified and unsustainable. The market appears to have interpreted it as a sign that the bank has softened its stance on the exchange rate after the sharp fall witnessed in last one month.
Consequently, the Kiwi has strengthened across the board. The NZD/USD currently trades at 0.6668; up 1.38% on the day.
NZD/USD Technical Levels
The immediate resistance is seen at 0.67, followed by major hurdle at 0.6770. On the other hand, support is seen at 0.6653 and 0.6557.