Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/USD stalls upsurge, stays supported just above 0.67 handle

  • The New Zealand dollar spiked to a two-week high of $0.6739 after  Wheeler's speech, but later eased back and remains supported just above 0.67 handle 

  • RBNZ Governor Wheeler believed that a lower exchange rate is needed to support its economy but added that the economy currently isn't weak enough that it requires more exuberant OCR cut expectations

  • A further 25 basis point rate cut is expected in the Sept 10 monetary policy statement with another cut to 2.5 percent is expected by the end of the year

  • Kiwi underpinned by Wheeler's speech, a retreating US dollar across the board also supported the upmoves

  • NZD/USD is currently trading at 0.6708, with immediate resistance at 0.6738 (Jul 28 highs) and support at 0.6620 (Daily Tenkan)

Resistance Levels:

R1: 0.6710 (Kijun-Sen)

R2: 0.6724 (Daily High Jul 15)

R3: 0.6748 (4h 200 MA)

Support Levels:

S1: 0.6620 (Daily Tenkan)

S1: 0.6590 (10-Day MA)

S2: 0.6566 (Daily Low Jul 27)

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.