29 Sep 2014
NZD/USD: Selling interest not abating
FXStreet (Bali) - NZD/USD is operating at the lowest since Sept 6 last year, currently at 0.8758, with the pressures not abating in the early going of Asian trading this Monday.
The main event to watch in Asia, which may cause some intraday volatility in the NZD/USD, will be the August’s RBNZ FX transactions, as traders want to find out whether or not there was any intervention by the RBNZ after the impressive 9+ cents drop in the value of the NZD/USD since its peak in July.
Technically, according to Jim Langlands, Founder at FXCharts: "By closing below the major Fibo support (23.6% of 0.4892/0.8835 – weekly chart) support at 0.7913, and breaking back underneath the top of the monthly cloud at 0.7900 there is not a lot to now hold it from heading towards the 24 June 2013 low at 0.7682."
The main event to watch in Asia, which may cause some intraday volatility in the NZD/USD, will be the August’s RBNZ FX transactions, as traders want to find out whether or not there was any intervention by the RBNZ after the impressive 9+ cents drop in the value of the NZD/USD since its peak in July.
Technically, according to Jim Langlands, Founder at FXCharts: "By closing below the major Fibo support (23.6% of 0.4892/0.8835 – weekly chart) support at 0.7913, and breaking back underneath the top of the monthly cloud at 0.7900 there is not a lot to now hold it from heading towards the 24 June 2013 low at 0.7682."