26 Jul 2013
NZD/USD tumbles to session lows at 0.8060 region
FXstreet.com (New York) - The NZD/USD foreign exchange rate has continued tumbling off the 0.8100 level Friday morning during Asian trading, now incurring fresh lows in these moments.
In these moments, the NZD/USD is now operating at 0.8063, now suffering from a decline of -0.22% off its opening. Technically speaking, the pair will face calculated support at 0.8053 (55-day MA), ahead of 0.8021 (June 18 high), and 0.8008 (June 24 high).
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, ““Our near-term stance is motivated by the hawkish shift in RBNZ stance, speculative NZD/USD futures positioning which is now short and vulnerable to a squeeze; increased inflows from offshore into NZGBs during the past two weeks, and upward technical momentum which implies a near term rally to the 0.8050-0.8300 area.”
In these moments, the NZD/USD is now operating at 0.8063, now suffering from a decline of -0.22% off its opening. Technically speaking, the pair will face calculated support at 0.8053 (55-day MA), ahead of 0.8021 (June 18 high), and 0.8008 (June 24 high).
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, ““Our near-term stance is motivated by the hawkish shift in RBNZ stance, speculative NZD/USD futures positioning which is now short and vulnerable to a squeeze; increased inflows from offshore into NZGBs during the past two weeks, and upward technical momentum which implies a near term rally to the 0.8050-0.8300 area.”