4 Jun 2015
NZD/USD bears licking their lips ahead of US data
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7125 with a high of 0.7170 and a low of 0.7104.
NZD/USD is carving out the downside while 0.71 remains protected by the commitment of the bulls ahead of the RBNZ next week. the Global dairy trade index is still printing lower weighing on the bird and in general, the RBNZ have tough decision to make as an overheated property market is not an extra worry that the economy needs and a cut could spur a bubble in that sector.
Meanwhile, Nonfarm Payrolls from the US is due tomorrow and could be the catalyst that takes out the 0.71 handle and subsequent stop territory around the five year lows just below the handle. Technically, NZD/USD is offered while below 0.7188 and the 200 EAM. There is plenty yet to the downside with RSI in neutral above 30 oversold indicator on the hourly while the daily chart offers a bullish bias that contradicts the MA's that are all in negative territory.
Coverage of Nonfarm Payrolls:
tomorrow you can follow all of the action with us here
NZD/USD is carving out the downside while 0.71 remains protected by the commitment of the bulls ahead of the RBNZ next week. the Global dairy trade index is still printing lower weighing on the bird and in general, the RBNZ have tough decision to make as an overheated property market is not an extra worry that the economy needs and a cut could spur a bubble in that sector.
Meanwhile, Nonfarm Payrolls from the US is due tomorrow and could be the catalyst that takes out the 0.71 handle and subsequent stop territory around the five year lows just below the handle. Technically, NZD/USD is offered while below 0.7188 and the 200 EAM. There is plenty yet to the downside with RSI in neutral above 30 oversold indicator on the hourly while the daily chart offers a bullish bias that contradicts the MA's that are all in negative territory.
Coverage of Nonfarm Payrolls:
tomorrow you can follow all of the action with us here