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29 Oct 2014
NZD/USD recovers from 0.7750 post-RBNZ
FXStreet (Edinburgh) - The Kiwi is accelerating its decline on Wednesday, dragging NZD/USD to fresh lows in the mid-0.7700s.
NZD/USD weaker on RBNZ decision
In line with market expectations, the RBNZ left intact its monetary policy today, with the repo rate on hold at 3.5%. Despite the decision was priced in by markets, spot could not help a drop to 0.7755/50 although it later proved to be ephemeral, recovering the vicinity of 0.7800 the figure. The next risk event for the pair will be Yellen’s speech and the US GDP Annualized, both due tomorrow and both carrying the potential to trigger further USD strength.
NZD/USD levels to consider
The pair is now losing 1.74% at 0.7782 with the next support at 0.7708 (low Sep.29) followed by 0.7670 (low Aug.5 2013). On the other hand, a break above 0.7959 (high Oct.28) would aim for 0.8000 (psychological level).
NZD/USD weaker on RBNZ decision
In line with market expectations, the RBNZ left intact its monetary policy today, with the repo rate on hold at 3.5%. Despite the decision was priced in by markets, spot could not help a drop to 0.7755/50 although it later proved to be ephemeral, recovering the vicinity of 0.7800 the figure. The next risk event for the pair will be Yellen’s speech and the US GDP Annualized, both due tomorrow and both carrying the potential to trigger further USD strength.
NZD/USD levels to consider
The pair is now losing 1.74% at 0.7782 with the next support at 0.7708 (low Sep.29) followed by 0.7670 (low Aug.5 2013). On the other hand, a break above 0.7959 (high Oct.28) would aim for 0.8000 (psychological level).