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5 May 2015
NZD/USD: Steady and consolidated post spike from 0.7505
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7563 with a high of 0.7578 and a low of 0.7489.
NZD/USD remains consolidated on the spike away from the 0.75 handle through to 0.7560 meeting the start of the months support that now acts as resistance. The pair is looking to break out of the bears layer and move in to neutral territory, with RSI offering further room to the upside at 64 currently on the hourly. Today, and since Fonterra lowered their forecasts last week, we have had the results of the New Zealand global dairy trade index that came as -3.5%. Perhaps markets were expecting a much lower result as the Kiwi actually got a lift on the back of this data.
The NZ docket is coming back to life tonight with the NZ unemployment results while the US brings us their own jobs data towards the end of the week with the all important and key release of the Nonfarm Payrolls numbers on Friday. Today however gave us the ISM non-manufacturing that printed better than expected. Data is key from here on in respect to timings of a Fed rate hike.
NZD/USD remains consolidated on the spike away from the 0.75 handle through to 0.7560 meeting the start of the months support that now acts as resistance. The pair is looking to break out of the bears layer and move in to neutral territory, with RSI offering further room to the upside at 64 currently on the hourly. Today, and since Fonterra lowered their forecasts last week, we have had the results of the New Zealand global dairy trade index that came as -3.5%. Perhaps markets were expecting a much lower result as the Kiwi actually got a lift on the back of this data.
The NZ docket is coming back to life tonight with the NZ unemployment results while the US brings us their own jobs data towards the end of the week with the all important and key release of the Nonfarm Payrolls numbers on Friday. Today however gave us the ISM non-manufacturing that printed better than expected. Data is key from here on in respect to timings of a Fed rate hike.