20 Jul 2015
NZD/USD: Bulls find respite, trades at 0.6550
FXStreet (Mumbai) - The Kiwi bulls cheered New Zealand PM John Key’s comments on the exchange rate and pushed the NZD/USD pair to a session high of 0.6550.
Kiwi oversold?
PM John Key indirectly hinted at the possibility of Kiwi being oversold by stating that the NZD has fallen faster-than-expected. The statement helped the NZD/USD pair gain 40 pips amid gold price shocker. It remains to be seen if the spot manages to extend gains, since PM too indicated the likelihood of having lower interest rates for a longer period of time.
The strength in Kiwi contradicts the losses in the other commodity currencies – AUD, CAD. The sharp weakness in Gold may have pushed commodity pack and other major currencies lower against the USD.
NZD/USD Technical Levels
The immediate resistance is seen at 0.6555 (July 17 high), followed by another hurdle at 0.6590 (hourly 100-MA). On the other hand, support is seen at 0.6535 and 0.6500.
Kiwi oversold?
PM John Key indirectly hinted at the possibility of Kiwi being oversold by stating that the NZD has fallen faster-than-expected. The statement helped the NZD/USD pair gain 40 pips amid gold price shocker. It remains to be seen if the spot manages to extend gains, since PM too indicated the likelihood of having lower interest rates for a longer period of time.
The strength in Kiwi contradicts the losses in the other commodity currencies – AUD, CAD. The sharp weakness in Gold may have pushed commodity pack and other major currencies lower against the USD.
NZD/USD Technical Levels
The immediate resistance is seen at 0.6555 (July 17 high), followed by another hurdle at 0.6590 (hourly 100-MA). On the other hand, support is seen at 0.6535 and 0.6500.