NZD/USD: RBNZ weighs on medium term outlook

NZD/USD is trading at 0.7150, down -0.01% on the day, having posted a daily high at 0.7158 and low at 0.7148.

NZD/USD is at a standstill, much in the same jurisdiction in the market as its fellow antipodean, well not quite. The RBA are up today and are expected to stay on hold, however, the RBNZ for November is more likely to cut rates to 1.75% while the Fed is tipped to hike in December which is potentially supportive of a downside view in the case of the bird. "NZD/USD 1-3 month:  Targets 0.6950 or lower as long as the RBNZ cuts to 1.75% in November and the Fed tightens to 0.625% in December, as we expect. (13 Oct)," offered analysts at Westpac. 

Trump for president, DXY to drop below 92.00

Meanwhile, the markets were contained after last week's FBI announcements re Clinton emails, non dollar supportive, the data from the US was mixed, but still on par for the Fed's expectations that could warrant action in December.  For the day ahead, it finally starts to pick up during the Asian shift with, not just the RBA decision, but China PMIs, the Bank of Japan decision and the GDT dairy auction tonight –  "Is predicted by futures prices to result in a WMP rise of around 10%. Adverse weather has reduced supply," explained Westpac analysts. 

NZD/USD levels

Spot is presently trading at 0.7150, and next resistance can be seen with a cluster of levels near term at 0.7150 (Daily Classic PP), 0.7151 (Daily Open), 0.7153 (Weekly Classic PP), 0.7158 (Daily High) and 0.7163 (Hourly 200 SMA), before 0.7265 recent 19th Oct highs. Support below can be found at 0.7150 (Hourly 20 EMA), 0.7149 (Hourly 100 SMA), 0.7148 (Daily Low), 0.7138 (Yesterday's Low) and 0.7128 (Daily Classic S1), before the 200 dma at 0.7053 after a break of 0.7100 and late Oct support. 

  • 1 Week
  • 1 Month
  • 1 Quarter

1 Week Avg Forecast 0.7148 0.0%100.0%33.0%0-1001020304050607080901001100  

  • 33% Bullish
  • 67% Bearish
  • 0% Sideways

Bias Bearish 1 Month Avg Forecast 0.7094 100.0%80.0%50.0%045505560657075808590951001050  

  • 50% Bullish
  • 30% Bearish
  • 20% Sideways

Bias Bullish 1 Quarter Avg Forecast 0.7032 100.0%64.0%14.0%01020304050607080901000  

  • 14% Bullish
  • 50% Bearish
  • 36% Sideways

Bias Bearish

 

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