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21 May 2015
NZD/USD: Remains in bear's lair
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7296 with a high of 0.7310 and a low of 0.7295.
NZD/USD remains tightly positioned within the downside channel and trend and is extending the downside in early Asia ahead of the Tokyo open. The greenback has been two way business while predominately on the back foot when leading in to the FOMC minutes and aftermath. The outcome was as expected, a Fed who is optimistic for the growth outlook while cautious to hike rates to soon with most members voting against a hike as early as June.
Domestically for the bird, New Zealand printed the Visitor Arrivals (YoY) for April and these dropped to 6.1% from 15.1%. We now await the budget release at 12pm Syd/10am Sing/HK. Technically, the pair remains bearish while trading below the hourly 100 and 200 SMA's located at 0.7399 and 0.7411 and fundamentally the risks are to the downside also while the sentiment is dovish around the RBNZ's next move.
NZD/USD remains tightly positioned within the downside channel and trend and is extending the downside in early Asia ahead of the Tokyo open. The greenback has been two way business while predominately on the back foot when leading in to the FOMC minutes and aftermath. The outcome was as expected, a Fed who is optimistic for the growth outlook while cautious to hike rates to soon with most members voting against a hike as early as June.
Domestically for the bird, New Zealand printed the Visitor Arrivals (YoY) for April and these dropped to 6.1% from 15.1%. We now await the budget release at 12pm Syd/10am Sing/HK. Technically, the pair remains bearish while trading below the hourly 100 and 200 SMA's located at 0.7399 and 0.7411 and fundamentally the risks are to the downside also while the sentiment is dovish around the RBNZ's next move.