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2 Oct 2013
NZD/USD spiked through 0.8300, can it hold?
FXstreet.com (London) - NZD/USD has been on the bid, climbing stairs of higher highs where it met some supply from below 0.8200 at 0.8270.
NZD/USD finally breached resistance and spiked half a big figure to mark a new high for the past two sessions at 0.8319 where fresh supply has capped the move for the time being. However, looking ahead, “A speech from RBNZ Assistant Governor discusses the reasoning behind the Bank’s assumption for a new lower neutral interest rate. No-one argues that neutral rates are lower after the GFC. In the old days, the neutral rate was around 5.5-6%, now closer to 4.5% according to the RBNZ”, explained research teams at TD Securities.
NZD/USD Levels
The 20 DMA is 0.8189, the 50 DMA is 0.8032 and the 200 DMA is 0.8181. RSI (14) reads 70.09. Supports are ascending from 0.8105, 0.8130, 0.8165, 0.8190, 0.8208 and 0.8285. Spot is currently 0.8300 while resistances are coming in at 0.8317, 0.8341, 0.8352.
NZD/USD finally breached resistance and spiked half a big figure to mark a new high for the past two sessions at 0.8319 where fresh supply has capped the move for the time being. However, looking ahead, “A speech from RBNZ Assistant Governor discusses the reasoning behind the Bank’s assumption for a new lower neutral interest rate. No-one argues that neutral rates are lower after the GFC. In the old days, the neutral rate was around 5.5-6%, now closer to 4.5% according to the RBNZ”, explained research teams at TD Securities.
NZD/USD Levels
The 20 DMA is 0.8189, the 50 DMA is 0.8032 and the 200 DMA is 0.8181. RSI (14) reads 70.09. Supports are ascending from 0.8105, 0.8130, 0.8165, 0.8190, 0.8208 and 0.8285. Spot is currently 0.8300 while resistances are coming in at 0.8317, 0.8341, 0.8352.