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31 Aug 2015
NZD/USD hourly 50 DMA pressures to the downside
FXStreet (Guatemala) - With spot at 0.6447 at time of writing, NZD/USD is heavily bearish on the short-term charts to start the month, dropping 40 pips in thin early Asian markets.
However, there is a recovery under way on short-term sticks as price moves up from the lows of 0.6430 in the onset of very strong New Zealand building permits for July. The price has printed a high of 0.6446 on the release at time of writing as the string number arrived at 20.4% vs -4.1% previous. The bird was one of the better performers last week vs the greenback, but sentiment is turning positive in the US economy again on Central Bankers staying the course in respect to their rhetoric around the timings of a rate hike from the Fed which hikes could begin this month, despite the recent market turmoil.
NZD/USD depends on Fed
A less hawkish Fed's Dudley, and further Fed speak this week, may start to be ignored if the US data continues to print positively, with this week being jam packed of tier-one events, including Nonfarm Payroll's. In respect of New Zealand, further events include the GDT prices ahead of business conditions. The RBA interest rate decision and the statement is tomorrow which would be of interest as a reference leading up to the RBNZ later in the month considering the recent market turmoil around China's economy, and the Antipodean's largest trading partner.
NZD/USD remains under pressure
Technically, the price is pressured below key MA's within a heavily bearish descending channel from 0.7738. The 200 DMA is at 0.6474 on the 30 min sticks of which capped last week's minor recovery and the 50 DMA on the hourly this week is at 0.6462 creating downward pressure post last week's hourly death cross on the same daily time frames.
However, there is a recovery under way on short-term sticks as price moves up from the lows of 0.6430 in the onset of very strong New Zealand building permits for July. The price has printed a high of 0.6446 on the release at time of writing as the string number arrived at 20.4% vs -4.1% previous. The bird was one of the better performers last week vs the greenback, but sentiment is turning positive in the US economy again on Central Bankers staying the course in respect to their rhetoric around the timings of a rate hike from the Fed which hikes could begin this month, despite the recent market turmoil.
NZD/USD depends on Fed
A less hawkish Fed's Dudley, and further Fed speak this week, may start to be ignored if the US data continues to print positively, with this week being jam packed of tier-one events, including Nonfarm Payroll's. In respect of New Zealand, further events include the GDT prices ahead of business conditions. The RBA interest rate decision and the statement is tomorrow which would be of interest as a reference leading up to the RBNZ later in the month considering the recent market turmoil around China's economy, and the Antipodean's largest trading partner.
NZD/USD remains under pressure
Technically, the price is pressured below key MA's within a heavily bearish descending channel from 0.7738. The 200 DMA is at 0.6474 on the 30 min sticks of which capped last week's minor recovery and the 50 DMA on the hourly this week is at 0.6462 creating downward pressure post last week's hourly death cross on the same daily time frames.