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24 Apr 2013
Forex: NZD/USD jumos to 0.8446/53
FXstreet.com (Barcelona) - The NZD/USD has solidified its grip on the 0.8400 level Wednesday, surging to session highs during European trading after receiving a welcome boost from the RBNZ. In these moments the cross is steadfastly approaching resistance, settling at 0.8446/53 and recording a gain of +0.64% thus far.
Mataf.net analysts calculate the means of resistive correction at 0.8459, onto 0.8498, and finally 0.8547. Conversely, a break below the 0.8371 resistance will initiate additional measures at 0.8322 and 0.8283.
“The NZD/USD rose after failing to hold a position below 0.8380 however, the upside movement is limited in areas below the resistance at 0.8470. In these levels, we cannot confirm the return of the uptrend unless 0.8470 is breached, while the risk/reward ratio is currently convoluted, provoking neutrality for today.” notes the ICN.com analyst team.
Overnight, The Reserve Bank of New Zealand kept interest rates unchanged at 2.50%. However, it bucked the global trend by signaling the risks were on the upside now by dropping the phrase 'there are both upside and downside risks' from its statement. The RBNZ still expects interest rates to remain unchanged throughout 2013 as inflation is set 'to remain close to the bottom of the target range this year'.
Mataf.net analysts calculate the means of resistive correction at 0.8459, onto 0.8498, and finally 0.8547. Conversely, a break below the 0.8371 resistance will initiate additional measures at 0.8322 and 0.8283.
“The NZD/USD rose after failing to hold a position below 0.8380 however, the upside movement is limited in areas below the resistance at 0.8470. In these levels, we cannot confirm the return of the uptrend unless 0.8470 is breached, while the risk/reward ratio is currently convoluted, provoking neutrality for today.” notes the ICN.com analyst team.
Overnight, The Reserve Bank of New Zealand kept interest rates unchanged at 2.50%. However, it bucked the global trend by signaling the risks were on the upside now by dropping the phrase 'there are both upside and downside risks' from its statement. The RBNZ still expects interest rates to remain unchanged throughout 2013 as inflation is set 'to remain close to the bottom of the target range this year'.