OctaFX | OctaFX Forex Broker
Open trading account

NZD/USD settled above 0.8280 support

FXStreet (Moscow) - NZD/USD dipped to the new lows of 0.8269, but managed to recover and settled at the important support of 0.8280 during quiet Asian hours.

Testing waters

NZD/USD managed to close marginally above 0.8300 despite another bearish attack on Thursday. Unfortunately, this does not change the gloomy bigger picture for the New Zealand currency, as it continues to move within a well-entrenched downside trend. From the fundamental point of view, weaker NZ domestic economy and broadband USD strength may continue to push kiwi lower. NZ FinMin voiced his concerns about NZD future earlier today. He Technically, NZD/USD has reached an important support level of 0.8280 (it served as a good floor for the pair back in February). Thus, kiwi bears need a sustained break below this level to continue the assault. Otherwise, consolidation may be on cards.

What price levels and patterns have to be considered?

Current price is 0.8286, with resistance ahead at 0.8297 (Yesterday's Low), 0.8302 (Hourly 20 EMA), 0.8307 (Daily Open).

Support below can be found at 0.8285 (Daily Classic S1), 0.8269 (Daily Low), 0.8264 (Daily Classic S2), 0.8261 (Weekly Classic S2) and 0.8230 (Daily Classic S3).

RBNZ to remain on hold until March 2015 - BNZ

The RBNZ is likely to remain on hold until March 2015, notes the Bank of New Zealand.
Read more Previous

EUR/USD forecast update: 1.27 by month-end - Nomura

Nomura has updated its forecast for EURUSD, now expecting 1.27 by end of September.
Read more Next
Start livechat