FXStreet (Guatemala) - NZD/USD is currently trading at 0.6772 with a high of 0.6774 and a low of 0.6738.
The NZ trade balance and deficit widened on a fall in exports and a rise in imports, neither were came in line with consensus but leaves the currency stagnant with a bearish bias with an initial drop of 20 pips on the release.
With the RBNZ the main highlight this week, analysts at TD Securities noted suggested that they expect the RBNZ will remain on hold this week but ease in December when they have the support of the Monetary Policy Statement and press conference to provide a more comprehensive analysis of the outlook. The latest data through October has generally been encouraging.
"The Fed will also announce its decision on Wednesday where we expect a downgrade to the growth assessment. Despite this dovish change, the Fed will likely want to keep a December move in play (market has only priced in ~30% chance of a hike), suggesting the USD could take on a slightly stronger tone overall."
The analysts at TDS recommended to enter NZDUSD shorts at 0.6730, target 0.6400 and set stop at 0.6850."
For further technical analyses see here: NZD/USD: headed lower on RBNZ?
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