FXstreet.com (London) - Kiwi found its level and has kept it so far, midway through Asian trading. NZD/USD, currently trades at 0.7235, up 16 pips from the opening price of 0.7219.
NZD follows AUD closely, taking cues from a larger, more important economy in the global picture. Lack of local data often amplifies this positive correlation.
In the case of breakouts we see primary supports and resistance levels as the bounds of the current tight trading range in the last 3 hours, 0.7233 – 0.7256. After this secondary support can be found at 0.7216 (strongly held neutral trendline from earlier session) and for resistance 0.7300 (Dec 3 High).
Despite a tempered speech today, Bollard, Governor of New Zealands Reserve Bank, the New Zealand Herald report he has a tricky time ahead of him balancing the nations economy: “The central bank will have to walk a fine line over stoking economic activity without over-egging it as inflation begins to speed up ahead of Bollard's expectations and the housing market continues to show signs of emerging from the lethargy of the past 18 months.”
NZD follows AUD closely, taking cues from a larger, more important economy in the global picture. Lack of local data often amplifies this positive correlation.
In the case of breakouts we see primary supports and resistance levels as the bounds of the current tight trading range in the last 3 hours, 0.7233 – 0.7256. After this secondary support can be found at 0.7216 (strongly held neutral trendline from earlier session) and for resistance 0.7300 (Dec 3 High).
Despite a tempered speech today, Bollard, Governor of New Zealands Reserve Bank, the New Zealand Herald report he has a tricky time ahead of him balancing the nations economy: “The central bank will have to walk a fine line over stoking economic activity without over-egging it as inflation begins to speed up ahead of Bollard's expectations and the housing market continues to show signs of emerging from the lethargy of the past 18 months.”
