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4 Feb 2015
NZD/USD making a minor bearish reversal to pivot
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7370 with a high of 0.7451 and a low of 0.7289.
New Zealand's employment report earlier this week was upbeat although Wheeler signified that the currency was overvalued, and revealed a more neutral RBNZ in respect to its policy stance and said the OCR will now remain on hold for some time, expecting a disinflationary environment below their ideal target bracket.
From the US, we have seen the ADP report coming in lower than expectations, 213k actual vs 255k consensus while a decent ISM Non-Manufacturing PMI for Jan at 56.7 vs 56.3 came in and supported the dollar ahead of this weeks Nonfarm payrolls showdown on Friday.
Meanwhile, the greenback has bounced back, and the Kiwi's extension of the 0.7215 rally from 0.7320 resistance for a 0.7450 high was capped and now the 0.7350 pivot coming as next target on this minor reversal.
New Zealand's employment report earlier this week was upbeat although Wheeler signified that the currency was overvalued, and revealed a more neutral RBNZ in respect to its policy stance and said the OCR will now remain on hold for some time, expecting a disinflationary environment below their ideal target bracket.
From the US, we have seen the ADP report coming in lower than expectations, 213k actual vs 255k consensus while a decent ISM Non-Manufacturing PMI for Jan at 56.7 vs 56.3 came in and supported the dollar ahead of this weeks Nonfarm payrolls showdown on Friday.
Meanwhile, the greenback has bounced back, and the Kiwi's extension of the 0.7215 rally from 0.7320 resistance for a 0.7450 high was capped and now the 0.7350 pivot coming as next target on this minor reversal.