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Forex: NZD/USD holding above 0.8550

FXstreet.com (Barcelona) - NZD/USD is last at 0.8552 bids, less than 1 hour away from New Zealand Building consents month to month, and ANZ Business confidence at 01:00 GMT which will be biggest risk event for the Kiwi in the Asia-Pacific today. Chinese markets will be closed again today on holidays, and Tokio will reopen after its 3-day weekend, with Nikkei futures pointing to the downside.

According to FXWW founder Sean Lee, given “AUD/NZD seems to have run out of bearish momentum after a sharp fall and is trying to form a base above 1.2050,” he says, and AUD/USD “has run into solid technical resistance at 1.0360”, he will “sell NZD/USD at .8560 with stop-loss above .8615 looking for .8410.” In the other hand: “In the last US session, fresh demand boxes were produced at 0.8530/15, an area that qualifies as a 'level on top of level', which should offer decent support to buyers on any potential retest,” as identified in the FXstreet.com supply/demand report.

Immediate support to the downside for NZD/USD lies at Friday's highs 0.8540, followed by April 16/17 highs at 0.8511, and April 19 highs at 0.8491. Closest resistance to the upside shows at Thursday's highs at 0.8564, followed by recent 10-day highs at 0.8580, and April 10 highs at 0.8593.

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The USD/CAD finished the day with sharp losses, down 50 pips to close at 1.0113. The pair is now down 140 pips in just the last three sessions as commodity currencies continue to benefit from the “risk on” theme present in other asset classes.
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