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Trading news
10 May 2013
Forex: Kiwi edging lower in Asia trade
FXstreet.com (Barcelona) - The Kiwi is adding to losses from the previous day, down another 25 pips in Asia trade at 0.8375. Economic data out New Zealand has been light this evening, but there have been notable comments from NZ Finance Minister English which hit the tape earlier in the session.
According to Eamonn Sheriden of Forex Live, “New Zealand finance minister English: Doesn’t expect the RBNZ to target the exchange rate. Furthermore, high currency has been a headwind to rebalancing and RBNZ has a mandate to conduct currency intervention.”
The FXStreet.com Trend Index remains in Strongly Bearish set up on the 1 hour chart, while the OB/OS Index reads Neutral. Initial support sits at 0.8352 (previous day support), followed by 0.8320(previous resistance, now support on daily chart). First resistance sits at 0.8420 (bearish engulf candle on 30min), followed by 0.8471 (the 9dma)
According to Eamonn Sheriden of Forex Live, “New Zealand finance minister English: Doesn’t expect the RBNZ to target the exchange rate. Furthermore, high currency has been a headwind to rebalancing and RBNZ has a mandate to conduct currency intervention.”
The FXStreet.com Trend Index remains in Strongly Bearish set up on the 1 hour chart, while the OB/OS Index reads Neutral. Initial support sits at 0.8352 (previous day support), followed by 0.8320(previous resistance, now support on daily chart). First resistance sits at 0.8420 (bearish engulf candle on 30min), followed by 0.8471 (the 9dma)