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2 Apr 2014
NZD/USD oversold hourly conditions
FXStreet (Guatemala) - Currently, NZD/USD is trading at 0.8550, down -0.96% on the day, having posted a daily high at 0.8639 and low at 0.8547.
Jane Foley, Senior Currency Strategist at Rabobank explained that NZD/USD dropped sharply overnight with the trigger from the move being the slump in Fonterra’s milk auction prices. “The Global Daily Trade index dropped a whopping 8.9%, the biggest drop in a year and the fourth consecutive fall at the fortnightly auctions. The index is now down 17% y/y reflecting unseasonably high levels of wholemilk powder volumes in New Zealand as well an uptick in supply from Australia and the US and a reported easing of demand from China”.
NZD/USD’s strength of decent
The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 33.06, up from the last hourly print at 24.86, with ADX at 21.20, down from its previous close at 40.30. Daily RSI sits at 65.49, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 0.8641, up from the last close at 0.8612 and climbing. Over the past 20 days, the exponential average closing price is 0.8551, and trending higher.
NZD/USD Levels
Current price is 0.8557, with resistance ahead at 0.8591 (Weekly Low), 0.8595 (Hourly 20 EMA), 0.8595 (Daily Classic S2), 0.8612 (Hourly 200 SMA) and 0.8617 (Daily Classic S1). Next support to the downside can be found at 0.8552 (Daily Classic S3), 0.8551 (Daily 20 SMA), 0.8547 (Daily Low), 0.8547 (Weekly Classic S1) and 0.8439 (Weekly Classic S2).
Jane Foley, Senior Currency Strategist at Rabobank explained that NZD/USD dropped sharply overnight with the trigger from the move being the slump in Fonterra’s milk auction prices. “The Global Daily Trade index dropped a whopping 8.9%, the biggest drop in a year and the fourth consecutive fall at the fortnightly auctions. The index is now down 17% y/y reflecting unseasonably high levels of wholemilk powder volumes in New Zealand as well an uptick in supply from Australia and the US and a reported easing of demand from China”.
NZD/USD’s strength of decent
The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 33.06, up from the last hourly print at 24.86, with ADX at 21.20, down from its previous close at 40.30. Daily RSI sits at 65.49, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 0.8641, up from the last close at 0.8612 and climbing. Over the past 20 days, the exponential average closing price is 0.8551, and trending higher.
NZD/USD Levels
Current price is 0.8557, with resistance ahead at 0.8591 (Weekly Low), 0.8595 (Hourly 20 EMA), 0.8595 (Daily Classic S2), 0.8612 (Hourly 200 SMA) and 0.8617 (Daily Classic S1). Next support to the downside can be found at 0.8552 (Daily Classic S3), 0.8551 (Daily 20 SMA), 0.8547 (Daily Low), 0.8547 (Weekly Classic S1) and 0.8439 (Weekly Classic S2).