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27 Apr 2015
NZD/USD: RBNZ / FOMC risk ahead
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7647 with a high of 0.7654 and a low of 0.7583.
NZD/USD is up through the 0.7610 and up to test the mid point of the handle, exceeding overnight gains and resistance and is placed in favour of the upside ahead of a potentially busy week for the bird. We have data from both New Zealand and the US. From the US the Q1 GDP will be of interest in respect of timings of a rate hike and then the FOMC statement could well be the pivotal point of the week.
NZD/USD to drop on shift in RBNZ tone?
Then, we have equally a keen eye on the RBNZ monetary policy meeting. Will there be a dovish shift in tone due to the drop in y/y inflation readings at just 0.1% and after falling 0.3% in the previous quarter, surprising the market? Technically the price is in neutral territory although a break of 0.77 would be bullish and would bring the April highs and the mid point of the handle in to scope. Anything dovish from the RBNZ could bring 0.74 support in to question and the April 1st lows of 0.7390 to the test.
NZD/USD is up through the 0.7610 and up to test the mid point of the handle, exceeding overnight gains and resistance and is placed in favour of the upside ahead of a potentially busy week for the bird. We have data from both New Zealand and the US. From the US the Q1 GDP will be of interest in respect of timings of a rate hike and then the FOMC statement could well be the pivotal point of the week.
NZD/USD to drop on shift in RBNZ tone?
Then, we have equally a keen eye on the RBNZ monetary policy meeting. Will there be a dovish shift in tone due to the drop in y/y inflation readings at just 0.1% and after falling 0.3% in the previous quarter, surprising the market? Technically the price is in neutral territory although a break of 0.77 would be bullish and would bring the April highs and the mid point of the handle in to scope. Anything dovish from the RBNZ could bring 0.74 support in to question and the April 1st lows of 0.7390 to the test.