28 Oct 2013
NZD/USD remains fragile, holding above 0.83
FXstreet.com (Barcelona) - NZD/USD is currently trading just above the 0.83, yet the rise so far has no technical implications that may damage the short term downside momentum.
NZD/USD technicals point to lower levels
According to Jim Langlands, Founder at FXCharts: "The Kiwi remains under heavy pressure, showing little sign of any strength at all on Friday in heading below 0.8300 and looks to be on its way to the support at 0.8230 (38.2% of 0.7718/0.8543). It certainly appears to be the direction and should we head below 0.8230, then look for further declines towards the 200 MA at 0.8181."
RBNZ due Thursday
The RBNZ will announce its interest rate decision on Thursday, and in view of Langlands, "the central bank with no doubt will take advantage of the opportunity to once again talk the Kiwi lower."
NZD/USD technicals point to lower levels
According to Jim Langlands, Founder at FXCharts: "The Kiwi remains under heavy pressure, showing little sign of any strength at all on Friday in heading below 0.8300 and looks to be on its way to the support at 0.8230 (38.2% of 0.7718/0.8543). It certainly appears to be the direction and should we head below 0.8230, then look for further declines towards the 200 MA at 0.8181."
RBNZ due Thursday
The RBNZ will announce its interest rate decision on Thursday, and in view of Langlands, "the central bank with no doubt will take advantage of the opportunity to once again talk the Kiwi lower."