25 Jul 2014
NZD/USD continues to suffer amid intervention jitters
FXStreet (Córdoba) - The NZD/USD continues to suffer on the back of the RBNZ shift of stance and jitters of an intervention, having fallen to fresh 6-week lows Friday.
The NZD/USD extended the decline below the 0.8550 support area and printed a low of 0.8537 before taking a breather. At time of writing, the Kiwi is trading at 0.8545, recording a 0.33% loss on the day and on track to post its second weekly fall in a row.
On Thursday, Reserve Bank of New Zealand Governor Graeme Wheeler described the NZD strength as "unjustified and unsustainable" triggering speculations of a possible intervention.
NZD/USD levels to watch
As for technical levels, the NZD/USD could find immediate supports at 0.8515 (Jun 12 low), 0.8500 (psychological level) and 0.8487 (Jun 10 low). On the other hand, resistances on bounces are seen at 0.8623 (100-day SMA), 0.8699 (Jul 24 high) and 0.8705 (Jul 23 high).
The NZD/USD extended the decline below the 0.8550 support area and printed a low of 0.8537 before taking a breather. At time of writing, the Kiwi is trading at 0.8545, recording a 0.33% loss on the day and on track to post its second weekly fall in a row.
On Thursday, Reserve Bank of New Zealand Governor Graeme Wheeler described the NZD strength as "unjustified and unsustainable" triggering speculations of a possible intervention.
NZD/USD levels to watch
As for technical levels, the NZD/USD could find immediate supports at 0.8515 (Jun 12 low), 0.8500 (psychological level) and 0.8487 (Jun 10 low). On the other hand, resistances on bounces are seen at 0.8623 (100-day SMA), 0.8699 (Jul 24 high) and 0.8705 (Jul 23 high).