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25 Feb 2014
NZD/USD overdone and en route 0.8315
FXStreet (Guatemala) - NZD/USD RSI (14) has come back under 70 and the pair is en route for 0.8315 support ahead of a congested handle.
Ahead of RBNZ Inflation Expectations, the NZD/USD advancements have brought in supply in Asai and the pair hasn’t managed to conquer the Fib line 0.8335 level with any conviction. Imre Speizer, Westpac Banking Corporation ABN noted the event risk for the NZD this week. “The RBNZ’s inflation expectations survey (Tue) will be the main event, the market’s focus on whether expectations did indeed bottom around mid-2013” He went onto to say, “From the US calendar, there’s plenty of data to chew over - the Dallas, Richmond and Chicago PMIs, consumer confidence, durable goods orders, home sales and revised Q4 GDP. Frustration over the weather impact on US data is likely to extend for another week given most of these data points cover Jan/Feb. No less than nine FOMC members are out on the speakers circuit - Tarullo (voter), Rosengren, Pianalto (voter), Lockhart, George, Stein (voter), Kocherlakota (voter), Evans and Plosser (voter)”.
NZD/USD Levels
The 20 DMA is 0.8259, the 50 DMA is 0.8257 and the 200 DMA is 0.8132. RSI (14) reads 64.20. Supports are ascending from 0.8187, 0.8212, 0.8223, and 0.8280. Spot is 0.8322 while resistances are 0.8354, 0.8393 and 0.8433.
Ahead of RBNZ Inflation Expectations, the NZD/USD advancements have brought in supply in Asai and the pair hasn’t managed to conquer the Fib line 0.8335 level with any conviction. Imre Speizer, Westpac Banking Corporation ABN noted the event risk for the NZD this week. “The RBNZ’s inflation expectations survey (Tue) will be the main event, the market’s focus on whether expectations did indeed bottom around mid-2013” He went onto to say, “From the US calendar, there’s plenty of data to chew over - the Dallas, Richmond and Chicago PMIs, consumer confidence, durable goods orders, home sales and revised Q4 GDP. Frustration over the weather impact on US data is likely to extend for another week given most of these data points cover Jan/Feb. No less than nine FOMC members are out on the speakers circuit - Tarullo (voter), Rosengren, Pianalto (voter), Lockhart, George, Stein (voter), Kocherlakota (voter), Evans and Plosser (voter)”.
NZD/USD Levels
The 20 DMA is 0.8259, the 50 DMA is 0.8257 and the 200 DMA is 0.8132. RSI (14) reads 64.20. Supports are ascending from 0.8187, 0.8212, 0.8223, and 0.8280. Spot is 0.8322 while resistances are 0.8354, 0.8393 and 0.8433.