Back
12 Jun 2014
NZD/USD extending further gains on the RBNZ
FXStreet (Guatemala) - NZD/USD is trading at 0.8632, up 1.00% on the day, having posted a daily high at 0.8644 and low at 0.8521.
The NZD/USD has continued to be strong into the Asia shift post the Reserve Bank today lifted the OCR by 25 basis points to 3.25 percent. The statement followed with Governor Graeme Wheeler saying“New Zealand’s economic expansion has considerable momentum, with GDP estimated to have grown by around 4 percent in the year to June”. Some analysts were concerned however that he then went onto say, “The speed and extent to which the OCR will need to rise will depend on future economic and financial data, and its implications for inflationary pressures”. Nevertheless, the upside has extended, although we are now moving into overbought territory and RSI (14) is reading 76 on the hourly time frames, but has plenty of room on the daily at 51.21.
NZD/USD Levels
Spot is presently trading at 0.8635, and next resistance can be seen at 0.8640 (Weekly Classic R2), 0.8644 (Daily High), 0.8668 (Monthly High), 0.8724 (Weekly Classic R3) and 0.8741 (Annual High). Support below can be found at 0.8631 (Daily Classic R3), 0.8604 (Daily Classic R2), 0.8576 (Yesterday's High), 0.8575 (Daily Classic R1) and 0.8571 (Hourly 20 EMA).
The NZD/USD has continued to be strong into the Asia shift post the Reserve Bank today lifted the OCR by 25 basis points to 3.25 percent. The statement followed with Governor Graeme Wheeler saying“New Zealand’s economic expansion has considerable momentum, with GDP estimated to have grown by around 4 percent in the year to June”. Some analysts were concerned however that he then went onto say, “The speed and extent to which the OCR will need to rise will depend on future economic and financial data, and its implications for inflationary pressures”. Nevertheless, the upside has extended, although we are now moving into overbought territory and RSI (14) is reading 76 on the hourly time frames, but has plenty of room on the daily at 51.21.
NZD/USD Levels
Spot is presently trading at 0.8635, and next resistance can be seen at 0.8640 (Weekly Classic R2), 0.8644 (Daily High), 0.8668 (Monthly High), 0.8724 (Weekly Classic R3) and 0.8741 (Annual High). Support below can be found at 0.8631 (Daily Classic R3), 0.8604 (Daily Classic R2), 0.8576 (Yesterday's High), 0.8575 (Daily Classic R1) and 0.8571 (Hourly 20 EMA).