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1 Oct 2013
NZD/USD soars after Stoptober, RBA minutes
FXstreet.com (Athens) – The NZD/USD is soaring after RBA minutes “caught off guard” traders and due to the fact that the greenbacks is wounded across the board.
NZD/USD soars as the “Kiwi” follows the uptrend momentum of its Antipodean “Aussie” post RBA
The NZD/USD is heading upwards today after the shutdown of the American government. Traders should not be taken aback by the fact that markets currently put the dollar's liquidity and supposed safety second to its budgetary risk, (especially taken for granted that there is also an impending debt ceiling deadline in around 2 weeks). What’s more, we should bear in mind that the “kiwi” is always following its antipodean cousin trend behavior, thus due to the today’s spike of the “Aussie” dollar it is very plausible that the kiwi also sets up a similar uptrend movement. Last but not least, traders should bear in mind that, as long as the “RBA” does not find further reason for easing, but also –all other being equal- New Zealand will be probably the first west developed country to hike rates, we can comprehend that the cross could move further upwards.
Technical Outlook on NZD/USD
Traders should be aware of the fact that the “kiwi” is highly correlated again with its antipodean counterpart, the “Aussie”, therefore it could be a great idea to look simultaneously at both pairs when trading one of them. At the time of writing the pair is trading at 0.8306, up 0.06%. Ahead, the area as of 0.8402 remains the initial topside resistance, with the support being held at the 19th September’s low of 0.8327.
NZD/USD soars as the “Kiwi” follows the uptrend momentum of its Antipodean “Aussie” post RBA
The NZD/USD is heading upwards today after the shutdown of the American government. Traders should not be taken aback by the fact that markets currently put the dollar's liquidity and supposed safety second to its budgetary risk, (especially taken for granted that there is also an impending debt ceiling deadline in around 2 weeks). What’s more, we should bear in mind that the “kiwi” is always following its antipodean cousin trend behavior, thus due to the today’s spike of the “Aussie” dollar it is very plausible that the kiwi also sets up a similar uptrend movement. Last but not least, traders should bear in mind that, as long as the “RBA” does not find further reason for easing, but also –all other being equal- New Zealand will be probably the first west developed country to hike rates, we can comprehend that the cross could move further upwards.
Technical Outlook on NZD/USD
Traders should be aware of the fact that the “kiwi” is highly correlated again with its antipodean counterpart, the “Aussie”, therefore it could be a great idea to look simultaneously at both pairs when trading one of them. At the time of writing the pair is trading at 0.8306, up 0.06%. Ahead, the area as of 0.8402 remains the initial topside resistance, with the support being held at the 19th September’s low of 0.8327.