FXstreet.com (Barcelona) - The NZD/USD has abruptly shifted its course and is seeing some of its recent gains melt away in European trading. After briefly peaking at 0.8225, the kiwi pair has evidently found a new comfort zone in the region of 0.8209, where it resides presently.
According to Mike Jones, a Currency Analyst at BNZ, “Looking ahead, the likelihood of further global policy easing, a high and rising interest rate differential, and buoyant soft commodity prices all support our long-held forecast for the NZD/USD to trend modestly higher into year-end. However, for this week, we look for some consolidation in the familiar 0.8100-0.8245 range.”
Currently, the cross still operates above the key 0.8200 level, recording an appreciation of +0.07% since the start of trading Tuesday. On a more technical level, the analyst team at ICN.com isolates the pair’s next resistances at 0.8220, then 0.8255, and 0.8265. On the decent, the NZD/USD’s fall will be buoyed by measures of support at 0.8200, then 0.8170, and ultimately 0.8135.
According to Mike Jones, a Currency Analyst at BNZ, “Looking ahead, the likelihood of further global policy easing, a high and rising interest rate differential, and buoyant soft commodity prices all support our long-held forecast for the NZD/USD to trend modestly higher into year-end. However, for this week, we look for some consolidation in the familiar 0.8100-0.8245 range.”
Currently, the cross still operates above the key 0.8200 level, recording an appreciation of +0.07% since the start of trading Tuesday. On a more technical level, the analyst team at ICN.com isolates the pair’s next resistances at 0.8220, then 0.8255, and 0.8265. On the decent, the NZD/USD’s fall will be buoyed by measures of support at 0.8200, then 0.8170, and ultimately 0.8135.
