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NZD/USD on way to 0.8200?

FXStreet (Guatemala) - NZD/USD is trading at 0.8381, up 0.04% on the day, having posted a daily high at 0.8388 and low at 0.8375.

NZD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. Raiko Shareef, Currency Strategist at BNZ explained that they have long held a (lower-than-market) bearish view on NZD/USD. “We hit our near-term target sooner than expected, and as a result, lower our end-September forecast from 0.84 to 0.82”. Risk events coming up in the main lie around the FOMC meeting (17-18 September) and Raiko Shareef said that this meeting will be an important milestone. “We expect the Committee to step further along the path it tentatively trod in the July Minutes i.e. toward the hawkish camp. This would support the burgeoning USD rally into the fourth quarter of this year, when the Fed will finally complete asset purchase tapering, and fully focus on rate increases. We expect the first Fed Funds Rate hike in June 2015, earlier than market consensus (September)”.

NZD/USD hourly levels

Current price is 0.8381, with resistance ahead at 0.8387 (Daily Classic R1), and 0.8410 (Weekly Classic R1). Next support to the downside can be found at 0.8379 (Hourly 20 EMA), 0.8372 (Hourly 200 SMA) and (Hourly 100 SMA).

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