View RSS Feed

TechnoMeter

The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement

Rate this Entry
by , 12-11-2014 at 11:29 PM (1091 Views)
      
   
  • NZD/USD Technical Strategy: Flat
  • Support: 0.7787, 0.7624, 0.7533
  • Resistance:0.7930, 0.8076, 0.8221

The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement. A daily close above the 0.7897-0.7930area marked by the 23.6% Fibonacci retracement and a falling channel top exposes the 38.2% level at 0.8076. Alternatively, a reversal below the 14.6% Fib at 0.7787 opens the door for a test of the channel floor at 0.7624.

We will tactically opt against entering long. The markets appear enveloped by seasonal profit-taking on risk-geared positions, as expected. That may bode ill for the sentiment-sensitive Kiwi, meaning the up move might swiftly fizzle. As such, we will remain flat and look for the bounce to yield a selling opportunity in line with the larger trend.



--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


More...

Submit "The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement" to Google Submit "The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement" to del.icio.us Submit "The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement" to Digg Submit "The New Zealand Dollar launched sharply higher against its US namesake following the RBNZ monetary policy announcement" to reddit

Tags: None Add / Edit Tags
Categories
Uncategorized

Comments