12 May 2015
NZD/USD close to key supports with RSI (14) oversold
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7353 with a high of 0.7480 and a low of 0.7339.
NZD/USD maintains with the better offered theme and has fallen through the
overnight trading levels. It now targets 0.73 the figure. Investors are unwinding longs with additional shorts are coming through on a dovish outlook from the RBNZ. From China woes to dairy prices hitting 5 year lows, local jobs market disappointments, a better bid greenback and previous jawboning of the currency, NZD is now in supply and back peddling having started the year on the front foot.
Technically, we are challenging the 18th March rally that came from 0.7280 eyed as a key level below 0.7300/20 as the first hurdle. The downside is a reversal taking place from a major top on the 28th April in the double top and the move below the ascending tend line at 0.7600/10. RSI (14) now reads below 30 which may leave some room to the downside before a potential consolidation of the supply.
NZD/USD maintains with the better offered theme and has fallen through the
overnight trading levels. It now targets 0.73 the figure. Investors are unwinding longs with additional shorts are coming through on a dovish outlook from the RBNZ. From China woes to dairy prices hitting 5 year lows, local jobs market disappointments, a better bid greenback and previous jawboning of the currency, NZD is now in supply and back peddling having started the year on the front foot.
Technically, we are challenging the 18th March rally that came from 0.7280 eyed as a key level below 0.7300/20 as the first hurdle. The downside is a reversal taking place from a major top on the 28th April in the double top and the move below the ascending tend line at 0.7600/10. RSI (14) now reads below 30 which may leave some room to the downside before a potential consolidation of the supply.