Free Trial

NZD/USD last deals at $0.6774, 9 pips worse....>

KIWI
KIWI: NZD/USD last deals at $0.6774, 9 pips worse off. The rate has sluggishly
moved away from lows, touched after NY Fed said that an earlier speech from its
President Williams, widely read as a dovish signal ahead of the upcoming FOMC
policy meeting, did not refer to this meeting but was purely academic in nature.
The pair's drop has been limited by the 61.8% fibo retracement of the
$0.6939-$0.6482 slide at $0.6764.
- A clean breach of the aforementioned support level would bring the 200-DMA at
$0.6721 into view. Bulls look to the psychological $0.6800 barrier, which capped
gains on Apr 3 & 4. A break here would draw bullish attention to the 76.4%
retracement of the aforementioned range, which kicks in at $0.6831.
- Yesterday saw NZD/USD rally firmly, with a softening USD providing the major
tailwind. Dovish Fedspeak (including Williams' speech) prompted investors to shy
away from the greenback.
- NZ trade balance headlines New Zealand's economic docket next week. The
release is scheduled for Wednesday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.