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Forex: NZD/USD upside capped around 0.8260

The kiwi dollar is trading in the upper en d of today’s range, although at the same time struggling to follow through 0.8260 so far.

The research team at BNZ commented that there are three factors that have the potential to weight on the cross: US recovery, the Chinese economy, however stabilizing, it is still weak enough to undermine the domestic economy, and the drought conditions in New Zealand.

“For now, we are sticking with our view that the medium term outlook is for a stronger kiwi dollar but recognise that in the nearer term downside risks dominate”, stressed the analysts.

At the moment, the pair is up 0.63% at 0.8258 with the next resistance at 0.8294 (high Mar.8) ahead of 0.8314 (high Mar.7) and finally 0.8323 (daily cloud base).
On the downside, a break below 0.8188 (2013 low Mar.6) would bring 0.8181 (low Dec.28) and then 0.8179 (MA200d).

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