Back
6 Jun 2014
NZD/USD awaits Nonfarm Payrolls
FXStreet (Guatemala) - NZD/USD is trading at 0.8494, down -0.04% on the day, having posted a daily high at 0.8504 and low at 0.8492.
NZD/USD's fate this week and into next will much depend o the USD performance now and the result of the looming Nonfarm Payrolls coming up in the Us session ahead. Meanwhile, currency Strategist Raiko Shareef at BNZ explained that, last month, we pushed back our expectations of its eventual recovery into the second half of the year. “This had the effect of bringing our near-term NZD/USD forecasts higher, to 0.84 by end-June, 0.81 by end-September, and 0.79 by end-December. Our forecasts for 2015 and beyond are largely unchanged”. Je added, that at the minute, the local currency seems to be taking its cues from moderating NZ economic data and a continued unwind in dairy prices. “However, until volatility or US yields (or both) rise convincingly, we are wary of how far the recent decline in NZD can extend”…”If US yields do finally respond to ongoing US data strength, and if expectations for a first Fed tightening in 2015 harden, we would expect this to add momentum to the fledging US dollar recovery. And as we’ve previously noted, a higher dollar tends to be associated with higher volatility. This would be a double whammy for the NZD”.
NZD/USD Levels
With spot trading at 0.8497, we can see next resistance ahead at 0.8499 (Daily Open), 0.8500 (Weekly High), 0.8504 (Daily High), 0.8511 (Weekly Classic PP) and 0.8514 (Yesterday's High). Support below can be found at 0.8492 (Daily Low), 0.8486 (Daily Classic R3), 0.8483 (Hourly 200 SMA), 0.8481 (Daily 100 SMA) and 0.8467(Hourly 20 EMA).
NZD/USD's fate this week and into next will much depend o the USD performance now and the result of the looming Nonfarm Payrolls coming up in the Us session ahead. Meanwhile, currency Strategist Raiko Shareef at BNZ explained that, last month, we pushed back our expectations of its eventual recovery into the second half of the year. “This had the effect of bringing our near-term NZD/USD forecasts higher, to 0.84 by end-June, 0.81 by end-September, and 0.79 by end-December. Our forecasts for 2015 and beyond are largely unchanged”. Je added, that at the minute, the local currency seems to be taking its cues from moderating NZ economic data and a continued unwind in dairy prices. “However, until volatility or US yields (or both) rise convincingly, we are wary of how far the recent decline in NZD can extend”…”If US yields do finally respond to ongoing US data strength, and if expectations for a first Fed tightening in 2015 harden, we would expect this to add momentum to the fledging US dollar recovery. And as we’ve previously noted, a higher dollar tends to be associated with higher volatility. This would be a double whammy for the NZD”.
NZD/USD Levels
With spot trading at 0.8497, we can see next resistance ahead at 0.8499 (Daily Open), 0.8500 (Weekly High), 0.8504 (Daily High), 0.8511 (Weekly Classic PP) and 0.8514 (Yesterday's High). Support below can be found at 0.8492 (Daily Low), 0.8486 (Daily Classic R3), 0.8483 (Hourly 200 SMA), 0.8481 (Daily 100 SMA) and 0.8467(Hourly 20 EMA).