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17 Apr 2015
NZD/USD: Neutral RSI, positive postion on charts
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7676 with a high of 0.7698 and a low of 0.7577.
NZD/USD has given ground back to the bears but, on the charts positioning the bird is still well within positive territory, surfing along the highs for April. US data today was a near miss on the CPI's, slightly higher core mind you, and determined as ultimately in line and positively on track. Favourable consumer confidence result in the Reuters/Michigan sentiment index. With it being weekend, positions getting squared up will be pulling in the dollar somewhat also.
Technically, however we are in to neutral territory readings, with RSI (14) on the hourly chart reading at the mid point. Imre Speizer expects, over a three mont term, that the bird will drop back lower to at least 0.72 . "NZ economic data should soon reflect a mid-year dip. Importantly, CPI is expected to be below zero for Q1 when it is released on 20 April. Then on 30 April, the RBNZ is likely to note concern regarding the high trade-weighted NZD (second chart). Q1 GDP (released in June) should also be weak (drought effects). While NZ economic data softens during the next few months, US economic data is poised to surprise positively".
NZD/USD has given ground back to the bears but, on the charts positioning the bird is still well within positive territory, surfing along the highs for April. US data today was a near miss on the CPI's, slightly higher core mind you, and determined as ultimately in line and positively on track. Favourable consumer confidence result in the Reuters/Michigan sentiment index. With it being weekend, positions getting squared up will be pulling in the dollar somewhat also.
Technically, however we are in to neutral territory readings, with RSI (14) on the hourly chart reading at the mid point. Imre Speizer expects, over a three mont term, that the bird will drop back lower to at least 0.72 . "NZ economic data should soon reflect a mid-year dip. Importantly, CPI is expected to be below zero for Q1 when it is released on 20 April. Then on 30 April, the RBNZ is likely to note concern regarding the high trade-weighted NZD (second chart). Q1 GDP (released in June) should also be weak (drought effects). While NZ economic data softens during the next few months, US economic data is poised to surprise positively".