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11 Sep 2013
NZD/USD on a corrective pullback trend ahead of RBNZ
FXstreet.com (Athens)- Despite risk appetite soars across the board, the NZD/USD is under a light pressure, ahead of tomorrow’s crucial RBNZ meeting.
The NZD/USD is under pressure on Wednesday since the opening of the Asian’s trading. It might be just a corrective pullback, since the “kiwi” had gained approximately 200 pips since the NFP release on Friday. Therefore, especially taking upon consideration the impact of tomorrow’s RBNZ conference, it is a logical movement. Apart from tomorrow’s RBNZ minutes, the week ahead also has significant data regarding the pair, i.e. food prices and monthly consumer confidence on Friday. Finally, US calendar has retail sales as the highlight on Friday. Taken for granted the higher prices of gasoline and oil, investors should not find “out of the blue” any data that are more soft than the expected. Needless to say, softer retails could have an impact on the pair.
Technical Analysis on NZD/USD
Westpac Global Strategy Group suggests that “Kiwi should benefit from the recent slippage in Fed tapering expectations. NZD/USD remains consolidative, ranging between 0.77 and 0.82 during the past three months. The week ahead is busy with supportive NZ data so further upside is possible toward 0.82, though the RBNZ shouldn't be too hawkish.” At the time of writing, the pair is trading at 0.8043 area, down 0.30%. The FXstreet.com Trend Index shows the pair to be slightly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.7941, 0.7922, 0.7902 and resistance at 0.8084, 0.8104 and 0.8124 respectively.
The NZD/USD is under pressure on Wednesday since the opening of the Asian’s trading. It might be just a corrective pullback, since the “kiwi” had gained approximately 200 pips since the NFP release on Friday. Therefore, especially taking upon consideration the impact of tomorrow’s RBNZ conference, it is a logical movement. Apart from tomorrow’s RBNZ minutes, the week ahead also has significant data regarding the pair, i.e. food prices and monthly consumer confidence on Friday. Finally, US calendar has retail sales as the highlight on Friday. Taken for granted the higher prices of gasoline and oil, investors should not find “out of the blue” any data that are more soft than the expected. Needless to say, softer retails could have an impact on the pair.
Technical Analysis on NZD/USD
Westpac Global Strategy Group suggests that “Kiwi should benefit from the recent slippage in Fed tapering expectations. NZD/USD remains consolidative, ranging between 0.77 and 0.82 during the past three months. The week ahead is busy with supportive NZ data so further upside is possible toward 0.82, though the RBNZ shouldn't be too hawkish.” At the time of writing, the pair is trading at 0.8043 area, down 0.30%. The FXstreet.com Trend Index shows the pair to be slightly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.7941, 0.7922, 0.7902 and resistance at 0.8084, 0.8104 and 0.8124 respectively.