Back
22 May 2015
NZD/USD: Back on track within descending channel
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7383 with a high of 0.7384 and a low of 0.7340.
NZD/USD has resumed the downside post overnight demand that took the bird up to test the bear's commitments, protecting the 0.74 handle. However, the rally only made it as far as the 0.7390's and the EMA 200 on the hourly. So far today, CPI's in the US are fuelling a rally in the greenback.
We now await Yellen talking. Yellen is scheduled to talk at 11 p.m. ET with a speech on the economy to the Greater Providence Chamber of Commerce. The speech may either underpin the Feds's optimism and add further to the Kiwi's descent or the outcome may arise as less bullish and slightly dovish in respect to the recent disappointments in data in the US economy, binging 0.7400 back in to the picture in the short term.
Technically, there is little that is new. We are in the descending channel from 0.7560 and targeting 0.73 for further downside below recent lows (0.7277) with a fade on rallies strategy until 0.7108, being the March 2011 lows.
NZD/USD has resumed the downside post overnight demand that took the bird up to test the bear's commitments, protecting the 0.74 handle. However, the rally only made it as far as the 0.7390's and the EMA 200 on the hourly. So far today, CPI's in the US are fuelling a rally in the greenback.
We now await Yellen talking. Yellen is scheduled to talk at 11 p.m. ET with a speech on the economy to the Greater Providence Chamber of Commerce. The speech may either underpin the Feds's optimism and add further to the Kiwi's descent or the outcome may arise as less bullish and slightly dovish in respect to the recent disappointments in data in the US economy, binging 0.7400 back in to the picture in the short term.
Technically, there is little that is new. We are in the descending channel from 0.7560 and targeting 0.73 for further downside below recent lows (0.7277) with a fade on rallies strategy until 0.7108, being the March 2011 lows.