28 Nov 2014
NZD/USD back below 50-DMA
FXStreet (Mumbai) - The Kiwi weakened against the US dollar. Today, taking the NZD/USD pair below the 50-DMA level today located at 0.7866 levels.
The pair currently trades 0.32% lower at 0.7845 levels, after having faced rejection at the day’s high of 0.7874. Moreover, the US Dollar strengthened across the board after the oil prices slumped on the OPEC decided to hold production levels unchanged. The Kiwi was already hit by falling inflation expectations earlier this week. The latest Reserve Bank quarterly poll showed that businesses expect inflation would be 2.06% in two years' time, compared with 2.23% in the previous period.
The Kiwi, along with other G-10 currencies, took a hit today as falling crude prices may further push down the inflation expectations.
NZD/USD Technical Levels
The pair has an immediate resistance located at 0.7866 (50-DMA), above which prices may test 0.79 levels. Meanwhile, support is seen at 0.7838 and 0.78 levels.
The pair currently trades 0.32% lower at 0.7845 levels, after having faced rejection at the day’s high of 0.7874. Moreover, the US Dollar strengthened across the board after the oil prices slumped on the OPEC decided to hold production levels unchanged. The Kiwi was already hit by falling inflation expectations earlier this week. The latest Reserve Bank quarterly poll showed that businesses expect inflation would be 2.06% in two years' time, compared with 2.23% in the previous period.
The Kiwi, along with other G-10 currencies, took a hit today as falling crude prices may further push down the inflation expectations.
NZD/USD Technical Levels
The pair has an immediate resistance located at 0.7866 (50-DMA), above which prices may test 0.79 levels. Meanwhile, support is seen at 0.7838 and 0.78 levels.