17 Jul 2014
NZD/USD keeps testing 08690 bids
FXStreet (Bali) - NZD/USD has pushed into marginal new lows for the week, although it keeps finding solid bids ahead of 0.8685-0.8660 demand zone.
According to Peter Fell, Analyst at FXBeat: "Yesterday's much softer dairy auction and weaker CPI, continues to see the market pare back expectations of the pace of future interest rate hikes. Support is seen at 8670, 38.2% fib on the 8402 / 8836 rise."
A second view was shared by Jim Langlands, Founder at FXCharts: "If the Kiwi does head lower, then below 0.8785 would target 0.8670 (38.2% of 0.8401/0.8835), the June 25 low at 0.8662 and then the June 17 low (0.8642). Resistance lies at 0.8730 and 0.8750, and I would be surprised to see it back above here in the near term, but above 0.8750, would target 0.8780 and 0.8800 again."
According to Peter Fell, Analyst at FXBeat: "Yesterday's much softer dairy auction and weaker CPI, continues to see the market pare back expectations of the pace of future interest rate hikes. Support is seen at 8670, 38.2% fib on the 8402 / 8836 rise."
A second view was shared by Jim Langlands, Founder at FXCharts: "If the Kiwi does head lower, then below 0.8785 would target 0.8670 (38.2% of 0.8401/0.8835), the June 25 low at 0.8662 and then the June 17 low (0.8642). Resistance lies at 0.8730 and 0.8750, and I would be surprised to see it back above here in the near term, but above 0.8750, would target 0.8780 and 0.8800 again."