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6 Sep 2016

NZD/USD supported above hourly 50-SMA, NZ GDT in focus

The NZD/USD pair reverses a brief uptick to daily tops, although remains well above 0.73 handle as high oil prices continue to underpin the sentiment.

NZD/USD making lower tops on daily sticks

Currently, the NZD/USD pair trades +0.15% higher at 0.7314, struggling to extend beyond 0.7325 region. The Kiwi broke the overnight consolidation phase to the upside amid strong gains seen in oil prices, which benefited the resource-linked NZD. However, gains appear capped on the back of increased nervousness, as we progress towards the RBA monetary policy decision.

From a broader perspective, the NZD/USD pair is seen extending its retreat from last week’s high reached at 0.7361, as increased calls for further RBNZ rate cuts in the upcoming months dampen the investors ‘sentiment.

Next of note for the major remains the NZ GDT price index and a couple of data from the US docket, which are likely to have significant impact on the prices.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7361 (post-NFP high), above which it could extend gains to at 0.7381 (multi-month tops). To the downside immediate support might be located at 0.7304 (1h 50-SMA) and from there to at 0.7271/68 (20 & 10-DMA).

 

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