Kiwi devoid of fresh leads, cloud-top capping gains for now
Kiwi reversed a part of yesterday’s losses and ticks higher in today's trade, completely ignoring the weakness in the Asian stocks
NZD/USD edged down to 0.6628 on Thursday, after rising as high as 0.6680 the previous day, as the U.S. dollar strengthened on strong employment data
Uptrend in the Kiwi for the week intact, boosted in part by stabilising dairy prices seen at a global dairy auction, RSI and Stochs on weeklies biased higher
But, the RBNZ at its policy meeting next week is widely expected to cut interest rates by 25 bps to 2.5 percent , in part to rein in the local dollar
The pair's inability to hold above the daily cloud top also weighs, cloud-top at 0.6662 seen capping gains for now, we have exited our NZD/USD trade after hitting TP1 and wait for cues on further direction
Resistance Levels:
R1: 0.6658 (Daily cloud top)
R2: 0.6690 (Daily High Dec 1)
R3: 0.6720 (61.8 Fib of Oct-Nov slide)
Support Levels:
S1: 0.6614 (Dec 2 low)
S2: 0.6584 (Daily low Dec 1)
S3: 0.6576 (10 & 55 Day MAs)
NZD/USD edged down to 0.6628 on Thursday, after rising as high as 0.6680 the previous day, as the U.S. dollar strengthened on strong employment data
Uptrend in the Kiwi for the week intact, boosted in part by stabilising dairy prices seen at a global dairy auction, RSI and Stochs on weeklies biased higher
But, the RBNZ at its policy meeting next week is widely expected to cut interest rates by 25 bps to 2.5 percent , in part to rein in the local dollar
The pair's inability to hold above the daily cloud top also weighs, cloud-top at 0.6662 seen capping gains for now, we have exited our NZD/USD trade after hitting TP1 and wait for cues on further direction
Resistance Levels:
R1: 0.6658 (Daily cloud top)
R2: 0.6690 (Daily High Dec 1)
R3: 0.6720 (61.8 Fib of Oct-Nov slide)
Support Levels:
S1: 0.6614 (Dec 2 low)
S2: 0.6584 (Daily low Dec 1)
S3: 0.6576 (10 & 55 Day MAs)
