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2 Jan 2015
NZD/USD follows aussie down under
FXStreet (London) - NZD/USD is trading down -0.46% at 0.7764 on the first trading session of 2015.
The New Zealand dollar has weakened against the US dollar this morning, havig failed to break above the 0.7800 level. The rejection was quite stringent, with the pair tumbling some 40 pips. However, the move looks to be US dollar lead, with similar moves seen against the euro, aussie dollar and the yen. The dollar index is up 0.38% at 90.28. With Japan, China and New Zealand all on holiday still, volume is low and serves to amplify moves.
On an hourly chart, RSI has shifted into oversold territory at 19, while the indicator continues to range in neutral territory on the daily chart.
NZD/USD Levels
Resistance can be seen ahead at the 0.7768 (30 Dec 14 low), 0.7779 (31 Dec low & 26 Dec 14 high) & 0.7795 (5D SMA). On a daily chart we can see spot finding support at the 20 SMA at 0.7762. Further, a long term trend line dating back from the Sept 14 low at 0.7606 is offering support at 0.7751.
The New Zealand dollar has weakened against the US dollar this morning, havig failed to break above the 0.7800 level. The rejection was quite stringent, with the pair tumbling some 40 pips. However, the move looks to be US dollar lead, with similar moves seen against the euro, aussie dollar and the yen. The dollar index is up 0.38% at 90.28. With Japan, China and New Zealand all on holiday still, volume is low and serves to amplify moves.
On an hourly chart, RSI has shifted into oversold territory at 19, while the indicator continues to range in neutral territory on the daily chart.
NZD/USD Levels
Resistance can be seen ahead at the 0.7768 (30 Dec 14 low), 0.7779 (31 Dec low & 26 Dec 14 high) & 0.7795 (5D SMA). On a daily chart we can see spot finding support at the 20 SMA at 0.7762. Further, a long term trend line dating back from the Sept 14 low at 0.7606 is offering support at 0.7751.