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Forex: NZD/USD holds onto majority of gains at 0.8451/58

FXstreet.com (Barcelona) - The NZD/USD has certainly traded higher beginning with overnight trading Thursday with the release of upbeat economic data and a general recover off yesterday’s setbacks. The kiwi has been given new life during, though is trading unevenly during European trading in recent moments. While the cross is recording a steadfast gain of +0.63% in these moments at 0.8451/58, it is well off its highs as well (0.8483).

Briefing the technical levels, the Mataf.net analyst team identifies the next short-term resistive structures for the NZD/USD at 0.8485, then 0.8529, and finally 0.8591. Alternatively, a paring of recent gains, coupled with a staunch pullback will result in a testing of supports at 0.8379, onto 0.8317, and finally 0.8273.

“Heightened awareness of intervention adds to downside risks to NZD/USD at the top of trading ranges. We doubt the RBNZ is willing or able to act significantly more vigorously, particularly given the limited resources on hand, the outsized volume of NZD trading.” warns the BNZ Research Team.

Indeed, the NZD snapped lower yesterday as media reports of RBNZ intervention hit the market. Much has been made of the comments, and there was some confusion initially as to whether the RBNZ had actually intervened, or had simply sold NZD as a part of ongoing FX reserve management.

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