18 Dec 2014
NZD/USD downside prevails medium term
FXStreet (Guatemala) - NZD/USD is trading at 0.7752, up 0.75% on the day, having posted a daily high at 0.7765 and low at 0.7680.
NZDUSD is still off the lows of 0.7710 but was a fade at 0.7762 and has moved into a sideways phase resting up after the relief rally in commodities and yesterday GDP numbers that proved positive month on month but declining on the year. Nevertheless, we are moving into thinner markets and holiday season where, seasonally, the bird tends to out-perform the greenback.
Looking further ahead, the FOMC gives rise to the speculation of a rate hike in the middle of 2015 whereas the RBNZ is not sited to need to act until the end of that year at least. The pair remains in a strong bear trend on the weekly charts and is contained by the descending channel formed in September post the August collapse.
NZDUSD is still off the lows of 0.7710 but was a fade at 0.7762 and has moved into a sideways phase resting up after the relief rally in commodities and yesterday GDP numbers that proved positive month on month but declining on the year. Nevertheless, we are moving into thinner markets and holiday season where, seasonally, the bird tends to out-perform the greenback.
Looking further ahead, the FOMC gives rise to the speculation of a rate hike in the middle of 2015 whereas the RBNZ is not sited to need to act until the end of that year at least. The pair remains in a strong bear trend on the weekly charts and is contained by the descending channel formed in September post the August collapse.