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23 Sep 2013
NZD/USD outperforming; looking toppy?
FXstreet.com (London) - The NZD/USD has held with range of the 0.8400 handle since reaching highs 0.8438 and outperforming across the board.
Meanwhile, the pair has been consolidating between 0.8400 and 0.8360 over the last few sessions and it is wondered whether the pair is forming a top here. Adarsh Sinha, strategist at Bank of America Merrill Lynch said, “There is limited evidence that NZD positioning or valuation is stretched, although New Zealand's cyclical and commodity price outperformance seems appropriately priced in at these levels. The Reserve Bank of New Zealand (RBNZ) may be concerned about the TWI approaching its highs but we think it will find it difficult to credibly talk down the NZD given its generally hawkish policy stance”.
NZD/USD Levels
The 20 DAM is .8015, the 50 DMA is .7979 and the 200 DMA is .8182. RSI (14) reads 50.30. Supports are ascending from .8206, .8249, .8290, and .8327. Spot is currently .8369 while resistances are .8402, .8436, .8461 and .8481.
Meanwhile, the pair has been consolidating between 0.8400 and 0.8360 over the last few sessions and it is wondered whether the pair is forming a top here. Adarsh Sinha, strategist at Bank of America Merrill Lynch said, “There is limited evidence that NZD positioning or valuation is stretched, although New Zealand's cyclical and commodity price outperformance seems appropriately priced in at these levels. The Reserve Bank of New Zealand (RBNZ) may be concerned about the TWI approaching its highs but we think it will find it difficult to credibly talk down the NZD given its generally hawkish policy stance”.
NZD/USD Levels
The 20 DAM is .8015, the 50 DMA is .7979 and the 200 DMA is .8182. RSI (14) reads 50.30. Supports are ascending from .8206, .8249, .8290, and .8327. Spot is currently .8369 while resistances are .8402, .8436, .8461 and .8481.