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3 Oct 2013
NZD/JPY ripping higher after RBNZ’s Wheeler was out with NZD-bullish comments
FXstreet.com (Barcelona) - The NZD/JPY was on the rise Wednesday after Governor Wheeler of the Reserve Bank of New Zealand was out in the press indicating he felt rates in New Zealand would have to be raised by 2% between 2014 – 2016 to combat housing inflation.
NZD/JPY to trade off minor Japanese data and technicals on Thursday
The NZD/JPY may be on a solid track to the upside for a while moving forward as a the RBNZ is apparently concerned enough about avoiding a domestic housing bubble that they sent their top-dog out in the press to announce heir hawkish feelings to the world. With that as a new backdrop for traders, it puts a new burden on the data flow from New Zealand to convincingly contradict the RBNZ’s new macro vision for their monetary policy.
Technical outlook for NZD/JPY
Technicians point out that NZD/JPY has short-term horizontal line resistance at 81.19 with additional resistance backing that up at Tuesday’s high of 81.93. Support for the cross comes in at Wednesday’s low of 79.87 with additional support coming in at the horizontal line at 79.00.
NZD/JPY to trade off minor Japanese data and technicals on Thursday
The NZD/JPY may be on a solid track to the upside for a while moving forward as a the RBNZ is apparently concerned enough about avoiding a domestic housing bubble that they sent their top-dog out in the press to announce heir hawkish feelings to the world. With that as a new backdrop for traders, it puts a new burden on the data flow from New Zealand to convincingly contradict the RBNZ’s new macro vision for their monetary policy.
Technical outlook for NZD/JPY
Technicians point out that NZD/JPY has short-term horizontal line resistance at 81.19 with additional resistance backing that up at Tuesday’s high of 81.93. Support for the cross comes in at Wednesday’s low of 79.87 with additional support coming in at the horizontal line at 79.00.