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Forex Flash: NZD/USD should stay heavy today

FXstreet.com (Barcelona) - Extreme speculative long positioning in the Kiwi are at risk of some near-term correction as these positions are ditched, says Mike Jones, currency strategist at Bank of New Zealand.

Mr. Jones adds: "While the lower NZD/USD is likely to draw out some exporter buying today, we suspect this will be offset by selling from momentum and leveraged players. As a result, the NZD/USD should stay heavy today."

"Bounces should be limited to 0.8425, with 0.8360 the key near-term support level to watch. A convincing break below here would pave the way for a move back onto an 0.8200 handle" he concludes.

Forex: AUD/NZD holding above 1.2000 ahead of RBA

After wild moves all week long, AUD/NZD is last at 1.2008, falling from yesterday's Asia-Pacific session high at 1.2135, following widely unexpected big positive number in Australian jobs market for the month of April. The cross now has moved back lower to initial support around the 1.2000 round, on the back of massive Aussie weakness, once the pair has breached the mid to long term support base at the 1.0100 level, caused on USD strength across the board, and lead also on Yen weakness breaking the 100 Yen per USD level.
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Forex: AUD/USD feeling the selling pressure ahead of RBA statement

About half hour away from the RBA Monetary policy statement at 01:30 GMT, biggest risk event for Aussie in the Asia-Pacific today before the week ends in the region, the AUD/USD is feeling the selling pressure last at 1.0070, off recent session lows at 1.0057, slightly above NY session fresh 10-month lows at 1.0044.
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