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14 Mar 2013
Forex: NZD/USD trading negatively at 0.8183/84
The NZD/USD crumbled overnight following a dovish RBNZ decision, as the pair lost its grip on the 0.8200 level. However, in the aftermath Thursday, the cross seems to be quit constrained, trading in a 40-pip range (0.8165-0.8205). At the time of writing, the pair is trading at 0.8183/84, down -0.04%.
“The risk/reward ratios are appropriate now as stability above 0.8155 levels keeps the possibility of an upside rebound valid today.” writes the ICN.com Technical Analyst Team.
Overnight the RBNZ held rates at 2.5% - moreover, Governor Wheeler noted rates would likely hold current levels until year end, but warned that the kiwi is over 10-15% overvalued and he said that scope for an interest rate cut would increase if the currency strengthens further.
ICN.com analysts point to supports at 0.8155, ahead of 0.8135, and finally 0.8100. On the ascension, resistive measures will be implemented at 0.8225, ahead of 0.8260, and finally 0.8310.
“The risk/reward ratios are appropriate now as stability above 0.8155 levels keeps the possibility of an upside rebound valid today.” writes the ICN.com Technical Analyst Team.
Overnight the RBNZ held rates at 2.5% - moreover, Governor Wheeler noted rates would likely hold current levels until year end, but warned that the kiwi is over 10-15% overvalued and he said that scope for an interest rate cut would increase if the currency strengthens further.
ICN.com analysts point to supports at 0.8155, ahead of 0.8135, and finally 0.8100. On the ascension, resistive measures will be implemented at 0.8225, ahead of 0.8260, and finally 0.8310.