13 Jul 2015
NZD/USD preparing another test of 0.6600?
FXStreet (Córdoba) - NZD/USD is falling modestly on Monday, losing ground for the second day in a row as it continues to retreat after the recovery form multi–year lows found resistance below 0.6800. The pair failed to benefit from risk appetite and trades at 5-day lows.
During the American session the pair bottomed at 0.6678 and then bounced to the upside. Currently it is hovering around 0.6700, holding a bearish tone in the short term.
A consolidation significantly below 0.6700 could add pressure and open the doors for a test of 0.6600. Before, it could find support at 0.6640.
Ahead of RBNZ, with US data and Yellen
Investors are waiting or the next Reserve Bank of New Zealand decision on rates after the June rate cut. The central bank will meet on July 23. During the current week the main report from NZ will be the inflation (Thursday). In the US the most relevant reports will be retails sales (tomorrow), inflation and Yellen’s semi-annual presentation.
During the American session the pair bottomed at 0.6678 and then bounced to the upside. Currently it is hovering around 0.6700, holding a bearish tone in the short term.
A consolidation significantly below 0.6700 could add pressure and open the doors for a test of 0.6600. Before, it could find support at 0.6640.
Ahead of RBNZ, with US data and Yellen
Investors are waiting or the next Reserve Bank of New Zealand decision on rates after the June rate cut. The central bank will meet on July 23. During the current week the main report from NZ will be the inflation (Thursday). In the US the most relevant reports will be retails sales (tomorrow), inflation and Yellen’s semi-annual presentation.