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9 Sep 2013
NZD/USD outperforming
FXstreet.com (London) - NZD/USD, amongst the CAD and AUD, was outperforming last week and has continued on the bid into this weeks sessions.
Richard Kelly, Head of European Rates and FX Research at TD Securities notes the upcoming data for this week. “Tuesday, card spending for Aug (mkt 0.6%). Then the show begins with the RBNZ Sept qtr Monetary Policy Statementon Thu where we expect the Governor’s Policy Assessment to bleat the usual cacophony about the overvalued NZD compared with long-run trends. However, there is only thing we’re interested in: bank bill projections. In June, the Bank’s forecasts were 2.7% near-term, +50bp in H2 2014 and +100bp by mid-2015. As this is too little too late, we expect the Bank to bring forward the tightening to earlier in 2014, and this would undermine what is expected to be otherwise an anti-NZD rant”.
NZD/USD in bullish territory
The pair has extended the upside. The 20 DMA is 7902, the 50 DMA is .7900 and the 200 DMA is .8189. RSI (14) reads 58.91. Supports are ascending from .7883, .7905, .7920, .7958 and .7992. Spot is currently .8032 while resistances are .8060, .8082 and .8118. NZD/USD is targeting key 0.8160 level and 0.7855 should limit the downside if levels begin to fail the pair.
Richard Kelly, Head of European Rates and FX Research at TD Securities notes the upcoming data for this week. “Tuesday, card spending for Aug (mkt 0.6%). Then the show begins with the RBNZ Sept qtr Monetary Policy Statementon Thu where we expect the Governor’s Policy Assessment to bleat the usual cacophony about the overvalued NZD compared with long-run trends. However, there is only thing we’re interested in: bank bill projections. In June, the Bank’s forecasts were 2.7% near-term, +50bp in H2 2014 and +100bp by mid-2015. As this is too little too late, we expect the Bank to bring forward the tightening to earlier in 2014, and this would undermine what is expected to be otherwise an anti-NZD rant”.
NZD/USD in bullish territory
The pair has extended the upside. The 20 DMA is 7902, the 50 DMA is .7900 and the 200 DMA is .8189. RSI (14) reads 58.91. Supports are ascending from .7883, .7905, .7920, .7958 and .7992. Spot is currently .8032 while resistances are .8060, .8082 and .8118. NZD/USD is targeting key 0.8160 level and 0.7855 should limit the downside if levels begin to fail the pair.