NZD/USD bulls bank on early action from RBNZ

NZD/USD back under pressure as the US dollar firms.
Given the decent domestic picture, NZD remains supported.

Ross J Burland FXStreet

NZD/USD is currently trading at 0.7010 and down some 0.16% with the price travelling between a low of 0.6988 and a high of 0.7105.

The Kiwi is well below the 0.71 area from yesterday's trade where prospects of a rate hike were brought forward by a number of analysts (with a hike now ~90% priced in by November).

''The collapse/reversal in oil (from a multi-year high) overnight has whacked commodity currencies, dented risk appetite and hit equities,'' analysts at ANZ Bank said.

''We think the NZD can survive this challenge (we’re not an oil exporter) given the decent domestic picture, as confirmed by yesterday’s NZIER QSBO survey (which aligns with our own ANZBO survey) but expect volatility.''

NZD/USD

Overview
Today last price	0.7011
Today Daily Change	-0.0015
Today Daily Change %	-0.21
Today daily open	0.7026

Trends
Daily SMA20	0.706
Daily SMA50	0.7158
Daily SMA100	0.7156
Daily SMA200	0.706

Levels
Previous Daily High	0.7065
Previous Daily Low	0.7013
Previous Weekly High	0.7087
Previous Weekly Low	0.6947
Previous Monthly High	0.7289
Previous Monthly Low	0.6923
Daily Fibonacci 38.2%	0.7033
Daily Fibonacci 61.8%	0.7045
Daily Pivot Point S1	0.7004
Daily Pivot Point S2	0.6982
Daily Pivot Point S3	0.6952
Daily Pivot Point R1	0.7057
Daily Pivot Point R2	0.7087
Daily Pivot Point R3	0.7109

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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