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18 Mar 2016
NZD/USD testing bids around 0.68
NZD/USD is falling sharply, now testing bids around 0.68 handle as dovish Fed and weak USD is widely believed to influence RBNZ’s policy decision.
Rejected at 0.6874
Pair turned lower from the high of 0.6874 as US dollar bears took a breather, making way for a bout of profit taking on USD shorts. The selling intensified as markets believe RBNZ is most likely to be affected by the changes in the dollar.
The central banks has already cut rates last week and pointed to more easing in the near future. Fed’s dovish stance and the resulting rise in NZD may force RBNZ to further push the dovish button.
NZD/USD Technical Levels
The spot currently trades around 0.6807. A break below 0.68 would open doors for a drop to 0.6739 (Feb 12 high) and 0.67 handle. On the other hand, a break above 0.6819 (Mar 4 high) would expose hurdle at 0.6874 (daily high) and 0.69 handle.
Rejected at 0.6874
Pair turned lower from the high of 0.6874 as US dollar bears took a breather, making way for a bout of profit taking on USD shorts. The selling intensified as markets believe RBNZ is most likely to be affected by the changes in the dollar.
The central banks has already cut rates last week and pointed to more easing in the near future. Fed’s dovish stance and the resulting rise in NZD may force RBNZ to further push the dovish button.
NZD/USD Technical Levels
The spot currently trades around 0.6807. A break below 0.68 would open doors for a drop to 0.6739 (Feb 12 high) and 0.67 handle. On the other hand, a break above 0.6819 (Mar 4 high) would expose hurdle at 0.6874 (daily high) and 0.69 handle.