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15 Jul 2013
NZD/USD testing the 0.7800 region
FXstreet.com (New York) - The NZD/USD foreign exchange rate recovered a key barrier at 0.7800 Monday during Asian trading.
The NZD/USD technical pair is presently residing in positive territory Monday, testing the 0.7796 level at the time of writing. At this juncture, the pair is notching an early advance of +0.08% above its opening, and remains insulated by supports at 0.7788 (55-day MA and 20-day SMA convergence), and 0.7770 (July 9 low). On the upside, resistances will be tested at 0.7817 (July 8 high), onto 0.7836 (July 5 high).
NZD/USD strategic bias
According to Analyst Mike Jones at BNZ, “Local fundamentals remain highly supportive of the NZD. Last week’s NZ economic data painted a picture of an upbeat business community, a strong housing market, and an expanding manufacturing sector. NZ-US 3-year swap differentials continue to hold up around 265bps, a level that usually coincides with a NZD/USD above 0.8000.”
The NZD/USD technical pair is presently residing in positive territory Monday, testing the 0.7796 level at the time of writing. At this juncture, the pair is notching an early advance of +0.08% above its opening, and remains insulated by supports at 0.7788 (55-day MA and 20-day SMA convergence), and 0.7770 (July 9 low). On the upside, resistances will be tested at 0.7817 (July 8 high), onto 0.7836 (July 5 high).
NZD/USD strategic bias
According to Analyst Mike Jones at BNZ, “Local fundamentals remain highly supportive of the NZD. Last week’s NZ economic data painted a picture of an upbeat business community, a strong housing market, and an expanding manufacturing sector. NZ-US 3-year swap differentials continue to hold up around 265bps, a level that usually coincides with a NZD/USD above 0.8000.”