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19 Mar 2015
NZD/USD testing bulls commitments
FXStreet (Guatemala) - NZD/USD is currently trading at 0.7410 with a high of 0.7504 and a low of 0.7464.
NZD/USD is drifting below the high and 0.75 handle after the series of spikes to the upside post a dovish FOMC and dollar bearish markets overnight. The FOMC left out the "patience" language from the statement but downgraded their forecasts for the economy and were telling markets that this doesn't mean they will hike next month while not ruling out June however, depending on economic developments.
Over the course of the session thereafter, the greenback was offered and a little further in, the dollar crashed across the board and the bird flew through resistances, squeezing the shorts out along the way. Then we had the NZ GDP results although with a lack of distraction and movement. Technically we are still some way of the March highs and near term downtrend while 0.7500 and 0.7450 comes as support on the minor reversal taking place.
NZD/USD is drifting below the high and 0.75 handle after the series of spikes to the upside post a dovish FOMC and dollar bearish markets overnight. The FOMC left out the "patience" language from the statement but downgraded their forecasts for the economy and were telling markets that this doesn't mean they will hike next month while not ruling out June however, depending on economic developments.
Over the course of the session thereafter, the greenback was offered and a little further in, the dollar crashed across the board and the bird flew through resistances, squeezing the shorts out along the way. Then we had the NZ GDP results although with a lack of distraction and movement. Technically we are still some way of the March highs and near term downtrend while 0.7500 and 0.7450 comes as support on the minor reversal taking place.