6 May 2014
NZD/USD consolidating the bull run
FXStreet (Guatemala) - NZD/USD is trading at 0.8680, up 0.04% on the day, having posted a daily high at 0.8684 and low at 0.8676.
NZD/USD is a top performer yet it the momentum here has slowed down on the accent. Meanwhile, fundamentals are coming up. Analysts at BNZ noted that this week plays out the New Zealand labour market data for Q1 and remarked in how the market reacts to Wednesday’s HLFS is more difficult than normal to get a feel for. “We are most conscious, however, of last Friday’s US non-farm payrolls, which suggested that even if employment comes in above expectations (something still quite possible for the Q1 NZ HLFS) this might be downplayed if other elements look not so strong. In the case of the US payrolls it was the reversal in participation. In the case of the NZ HLFS it could be an unemployment rate that fails to fall much, if at all, thus appearing quite a bit looser than central bank expectations. And, let’s face it, the markets have, rightly or wrongly, been inclined to water down New Zealand’s projected OCR tightening over the last number of weeks. It’s what’s keeping local fixed-term mortgage rates from increasing in the manner the Reserve Bank probably prefer”.
NZD/USD Levels
Current price is 0.8681, with resistance ahead at 0.8682 (Daily Classic R1), 0.8684 (Daily High), 0.8688 (Yesterday's High), 0.8707 (Weekly Classic R1) and 0.8715 (Daily Classic R2). Next support to the downside can be found at 0.8678 (Daily Open), 0.8676 (Daily Low), 0.8672 (Hourly 20 EMA), 0.8648 (Weekly High) and 0.8648 (Yesterday's Low).
NZD/USD chart formations
Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation.
NZD/USD is a top performer yet it the momentum here has slowed down on the accent. Meanwhile, fundamentals are coming up. Analysts at BNZ noted that this week plays out the New Zealand labour market data for Q1 and remarked in how the market reacts to Wednesday’s HLFS is more difficult than normal to get a feel for. “We are most conscious, however, of last Friday’s US non-farm payrolls, which suggested that even if employment comes in above expectations (something still quite possible for the Q1 NZ HLFS) this might be downplayed if other elements look not so strong. In the case of the US payrolls it was the reversal in participation. In the case of the NZ HLFS it could be an unemployment rate that fails to fall much, if at all, thus appearing quite a bit looser than central bank expectations. And, let’s face it, the markets have, rightly or wrongly, been inclined to water down New Zealand’s projected OCR tightening over the last number of weeks. It’s what’s keeping local fixed-term mortgage rates from increasing in the manner the Reserve Bank probably prefer”.
NZD/USD Levels
Current price is 0.8681, with resistance ahead at 0.8682 (Daily Classic R1), 0.8684 (Daily High), 0.8688 (Yesterday's High), 0.8707 (Weekly Classic R1) and 0.8715 (Daily Classic R2). Next support to the downside can be found at 0.8678 (Daily Open), 0.8676 (Daily Low), 0.8672 (Hourly 20 EMA), 0.8648 (Weekly High) and 0.8648 (Yesterday's Low).
NZD/USD chart formations
Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation.