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5 Feb 2015
NZD/USD: Sellers re-take control, pivot 0.74 defended
FXStreet (Bali) - With Wednesday's RBNZ Wheeler speech still fresh in the minds of traders, as is the solid NZ jobs report, with the outcome of the former being 'not as dovish as expected', the NZD/USD trades around 0.7360, after a retracement off 0.7450 highs in the last Asian session.
RBNZ Wheeler gave more emphasis on keeping rates at current levels than signalling the next move being a cut, leading to some position adjustment by real money and macro accounts, although the spec community has been reportedly quite active sellers again during Europe/US. There is some sense in the markets that the RBNZ has missed an opportunity by reaffirming its neutral stance (for now) rather than keeping the market guessing on rates and possibly hinting further macro measures in places where the housing markets remains a concern, such as in Auckland and Christchurch.
Jim Langlands, Founder at FXCharts, notes: "The Kiwi has spent the day mostly consolidating the previous session’s gains, using 0.7400 as a pivot, finishing the NY session just below it, unchanged from the previous close. More of the same could be in store today as traders turn their focus to tomorrow’s NFP. On the topside, back above 0.7400 would potentially retest the 0.7448 high. I would be looking to get short on any return towards 0.7500, where the points to watch ahead of that are at 0.7445 38.2% of 0.7880/0.7185) and then at the 28 Jan high at 0.7494. On the downside, below the 200 HMA (0.7360), support will now be seen at minor levels at 0.7345 and then at 0.7325."
RBNZ Wheeler gave more emphasis on keeping rates at current levels than signalling the next move being a cut, leading to some position adjustment by real money and macro accounts, although the spec community has been reportedly quite active sellers again during Europe/US. There is some sense in the markets that the RBNZ has missed an opportunity by reaffirming its neutral stance (for now) rather than keeping the market guessing on rates and possibly hinting further macro measures in places where the housing markets remains a concern, such as in Auckland and Christchurch.
Jim Langlands, Founder at FXCharts, notes: "The Kiwi has spent the day mostly consolidating the previous session’s gains, using 0.7400 as a pivot, finishing the NY session just below it, unchanged from the previous close. More of the same could be in store today as traders turn their focus to tomorrow’s NFP. On the topside, back above 0.7400 would potentially retest the 0.7448 high. I would be looking to get short on any return towards 0.7500, where the points to watch ahead of that are at 0.7445 38.2% of 0.7880/0.7185) and then at the 28 Jan high at 0.7494. On the downside, below the 200 HMA (0.7360), support will now be seen at minor levels at 0.7345 and then at 0.7325."