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6 Jun 2013
Kiwi finishes moderately lower just above 0.7950
FXstreet.com (Barcelona) - The Kiwi closed the day down 43 pips at 0.7971, at one point trading as low as 0.7927 before finding support and rebounding later in the day.
Economic news out of the NZD region is light in the coming session, but we will see some the Aussie Trade Balance due out at 1:30GMT which may have influence on the pair. According to analysts at NAB Global, "today in Australia, we get the Trade Balance for April. We are expecting a flat outcome, after a surplus of $307mn in March and the market has a surplus of $180m. Our forecast assumes a 1% drop in imports which is more than offset by a drop in commodity prices, also of 1%. Such an outcome would not be market moving.”
The FXStreet.com Trend Index remains strongly bearish on the daily chart, while the ob/os index reads neutral. Initial support sits at 0.7927 (previous day low), followed by 0.7900, Initial resistance sits at 0.7977 (the 20dma on 1 hour chart), followed by 0.8038 (the 9dma). Both short term moving averages, as well as the RSI (14) remain in bearish set up and could help to influence a sell the rally mentality as we near the end of the week
Economic news out of the NZD region is light in the coming session, but we will see some the Aussie Trade Balance due out at 1:30GMT which may have influence on the pair. According to analysts at NAB Global, "today in Australia, we get the Trade Balance for April. We are expecting a flat outcome, after a surplus of $307mn in March and the market has a surplus of $180m. Our forecast assumes a 1% drop in imports which is more than offset by a drop in commodity prices, also of 1%. Such an outcome would not be market moving.”
The FXStreet.com Trend Index remains strongly bearish on the daily chart, while the ob/os index reads neutral. Initial support sits at 0.7927 (previous day low), followed by 0.7900, Initial resistance sits at 0.7977 (the 20dma on 1 hour chart), followed by 0.8038 (the 9dma). Both short term moving averages, as well as the RSI (14) remain in bearish set up and could help to influence a sell the rally mentality as we near the end of the week