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13 Jun 2013
NZD/USD lower overnight
FXstreet.com (London) - NZD/USD has shed some of its gains to the pivot over night, picking up slightly in the European session.
NZD/USD cash rate left 2.5%
Annette Beacher, Head of Asia-Pacific Research note that the cash rate was left at the record low of 2.5% and the Governor said “Despite having fallen over the past few weeks, the NZD remains overvalued”. She said that while this was entirely as expected the NZD reversed the pre-MPS rally to briefly dip to NZD/USD 0.7933. She also highlights that while RBNZ Governor Wheeler and the Australian employment report had the potential to influence trading during the Asia-Pac region, it was the collapse in the Nikkei that garnered the most interest, falling up to 800 points at one stage. Despite the clear risk-off session, AUD and NZD are “only” a cent lower compared with the lofty peaks reached overnight and remain higher than Monday’s opening levels.
NZD/USD southerly technical readings
The NZD/USD hourly readings are offering a neutral to lower consensus, with business in the European session currently done above pivot. While longer term indicators are in the red, indicating lower levels with support coming from 200d ma at 0.7760. Teams at ICN.com however suggest that there are other indications for the paid to resume a bullish term, saying the NZD/USD pair settled above 0.7920, being a position they consider positive, capable of carrying the pair into a bullish wave. They said linear regression indicators are positive, encouraging us to expect positivity. They said that the trading range expected today is between the key support at 0.7800 and the key resistance 0.8065, while the Short-term trend is downside targeting 0.7715 if 0.8400 remains intact.
NZD/USD cash rate left 2.5%
Annette Beacher, Head of Asia-Pacific Research note that the cash rate was left at the record low of 2.5% and the Governor said “Despite having fallen over the past few weeks, the NZD remains overvalued”. She said that while this was entirely as expected the NZD reversed the pre-MPS rally to briefly dip to NZD/USD 0.7933. She also highlights that while RBNZ Governor Wheeler and the Australian employment report had the potential to influence trading during the Asia-Pac region, it was the collapse in the Nikkei that garnered the most interest, falling up to 800 points at one stage. Despite the clear risk-off session, AUD and NZD are “only” a cent lower compared with the lofty peaks reached overnight and remain higher than Monday’s opening levels.
NZD/USD southerly technical readings
The NZD/USD hourly readings are offering a neutral to lower consensus, with business in the European session currently done above pivot. While longer term indicators are in the red, indicating lower levels with support coming from 200d ma at 0.7760. Teams at ICN.com however suggest that there are other indications for the paid to resume a bullish term, saying the NZD/USD pair settled above 0.7920, being a position they consider positive, capable of carrying the pair into a bullish wave. They said linear regression indicators are positive, encouraging us to expect positivity. They said that the trading range expected today is between the key support at 0.7800 and the key resistance 0.8065, while the Short-term trend is downside targeting 0.7715 if 0.8400 remains intact.