15 Jul 2014
NZD/USD putting pressure on 0.88 handle
FXStreet (Guatemala) - NZD/USD is trading at 0.8804, down -0.04% on the day, having posted a daily high at 0.8808 and low at 0.8804.
NZD/USD has climbed back onto the 0.88 handle after offers had been mounting and took the pair below the handle for the first time this week. From the calendar, we are light on New Zealand data and we are reminded that the RBNZ had a result with respect to their aims being achieved in an attempt to cool the housing market. Yesterday we found that the annual house price inflation continued to cool in June, to 6.2% from 6.5% in May, according to the REINZ Stratified House Price Index. Meanwhile, Early on Wednesday morning (NZT), we have the latest dairy auction due as analysts at BNZ noted. “We still think dairy prices have a bit further to fall yet...But even if outcomes at Wednesday morning’s GDT auction show some stability it would not alleviate the broader downward pressure on Fonterra’s current milk price forecast that has formed over the last month or two, particularly in light of the increasing heights in the NZD”.
NZD/USD Levels
Spot is presently trading at 0.8804, and next resistance can be seen at 0.8809 (Hourly 100 SMA) and 0.8816 (Daily Classic PP). Next support to the downside can be found at 0.8796 (Daily Classic S1), 0.8795 (Yesterday's Low) and 0.8782 (Hourly 200 SMA).
NZD/USD has climbed back onto the 0.88 handle after offers had been mounting and took the pair below the handle for the first time this week. From the calendar, we are light on New Zealand data and we are reminded that the RBNZ had a result with respect to their aims being achieved in an attempt to cool the housing market. Yesterday we found that the annual house price inflation continued to cool in June, to 6.2% from 6.5% in May, according to the REINZ Stratified House Price Index. Meanwhile, Early on Wednesday morning (NZT), we have the latest dairy auction due as analysts at BNZ noted. “We still think dairy prices have a bit further to fall yet...But even if outcomes at Wednesday morning’s GDT auction show some stability it would not alleviate the broader downward pressure on Fonterra’s current milk price forecast that has formed over the last month or two, particularly in light of the increasing heights in the NZD”.
NZD/USD Levels
Spot is presently trading at 0.8804, and next resistance can be seen at 0.8809 (Hourly 100 SMA) and 0.8816 (Daily Classic PP). Next support to the downside can be found at 0.8796 (Daily Classic S1), 0.8795 (Yesterday's Low) and 0.8782 (Hourly 200 SMA).