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20 Jun 2013
NZD/USD meets June lows
FXstreet.com (London) - NZD/USD dropped from 0.8051 to 0.7856 post FOMC before it found a bounce on profits taking.
NZD/USD post FOMC
NZD/USD has continued to print lower lows post FOMC in the European session, with the low so far as being 0.7763 Last night came the release of FOMC, when the market listened to the committee’s statement. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. The Aussie and Kiwi have been one of the worst performers since the release in typical risk off fashion. Data wise, next up in focus will be from the US again in the form of Initial Jobless Claims (12.30GMT), Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
NZD/USD looking Bearish
NZD/USD hourly oscillators are showing downside bias, with and RSI at 24 on the hourly charts. Shorter term hourly and longer term MAs all showing a downside bias. Looking at immediate support paring earlier lows for a double touch at 0.7760 targeting 0.7500 and 0.7456, the May low.
NZD/USD post FOMC
NZD/USD has continued to print lower lows post FOMC in the European session, with the low so far as being 0.7763 Last night came the release of FOMC, when the market listened to the committee’s statement. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. In all, the statement was a little more upbeat on the economy but showed little concern about inflation, except there being a more upbeat unemployment rate which might bring in a rate hike in a little closer. The Aussie and Kiwi have been one of the worst performers since the release in typical risk off fashion. Data wise, next up in focus will be from the US again in the form of Initial Jobless Claims (12.30GMT), Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
NZD/USD looking Bearish
NZD/USD hourly oscillators are showing downside bias, with and RSI at 24 on the hourly charts. Shorter term hourly and longer term MAs all showing a downside bias. Looking at immediate support paring earlier lows for a double touch at 0.7760 targeting 0.7500 and 0.7456, the May low.