Back
20 Aug 2013
NZD/USD’s bearish technicals plus Wheeler comments crushing the bulls’ hopes
FXstreet.com (Barcelona) - RBNZ Governor Wheeler’s comments Tuesday have sent the NZD/USD tumbling in early trading. The cross may be in the early stages of the next wave lower.
NZD/USD reacting to Wheeler’s comments in the last hour
The NZD/USD cross is selling off substantially in reaction to Reserve Bank Governor Wheeler’s speech this evening in which he hinted that no rate hikes would be necessary for the immediate future and that they may need to take steps to reduce the headwinds created by their historically high currency valuation.
The Kiwi had been on a nice track higher until it peaked out at 09:00 GMY Monday morning at 0.8162. The move lower since then has taken the cross down to 0.8050 – which is still far higher than the 8/4 low of 0.7736.
Technical outlook for NZD/USD
Technicians are saying more upside is possible in NZD/USD for this upside correction but that the nature of the trading since the peak Monday morning has them thinking a top has been put in already at 0.8162. If they are correct in that observation, then they say NZD/USD could be headed down to 0.72935 eventually. Short-term support, however, comes into play at the 8/13 low at 0.7933.
NZD/USD reacting to Wheeler’s comments in the last hour
The NZD/USD cross is selling off substantially in reaction to Reserve Bank Governor Wheeler’s speech this evening in which he hinted that no rate hikes would be necessary for the immediate future and that they may need to take steps to reduce the headwinds created by their historically high currency valuation.
The Kiwi had been on a nice track higher until it peaked out at 09:00 GMY Monday morning at 0.8162. The move lower since then has taken the cross down to 0.8050 – which is still far higher than the 8/4 low of 0.7736.
Technical outlook for NZD/USD
Technicians are saying more upside is possible in NZD/USD for this upside correction but that the nature of the trading since the peak Monday morning has them thinking a top has been put in already at 0.8162. If they are correct in that observation, then they say NZD/USD could be headed down to 0.72935 eventually. Short-term support, however, comes into play at the 8/13 low at 0.7933.