The kiwi has been able to stable a relatively impressive entrancement, following the volatility in the dollar. I first noticed the rally yesterday after it was reported that US President Obama voiced his concern over a stronger US dollar; and all dollar-pegged currencies jumped.
Here is my original tweet prior to the surge: twitter.com/Lemieux_...s/607946705665982465
It is no wonder on why POTUS would say that (whether he did or did not is irrelevant). The US is carrying almost $19 trillion is public debt, roughly $8 trillion was added since Obama went into office - the most by a single president ever. Higher rates simply equal either interest on created debt.
The NZDUSD has been able to fully retrace the sharp decline after Friday's non-farm payrolls report, but is seeing resistance at .7177.
A Fib. retracement on the 4H shows that a 23% retracement from the bottom would see prices at .7200, which aligns with price action resistance.
The New Zealand central bank's rate decision will be out tomorrow evening. Accoding to a Bloomberg survey via Ashraf Ladi, six of 16 economists believe the central bank will cut rates. This comes after multiple rate increases last year on the back of a "stronger" economy.
Near-term price support can be seen at .7150, .7120 and .7085.
Near-term resistance will first be challenged by minor descending channel downward trend, while .7200 could provide a level of resistance (Fib. 23 retracement and a psychological whole number level).
If price action can close above .72, upside potential is found at .7217, .7252 and .7270.
Feel free to contact me or check out my work:
Twitter: lemieux_26
Bullion.Directory: bullion.directory/ab...christopher-lemieux/
Here is my original tweet prior to the surge: twitter.com/Lemieux_...s/607946705665982465
It is no wonder on why POTUS would say that (whether he did or did not is irrelevant). The US is carrying almost $19 trillion is public debt, roughly $8 trillion was added since Obama went into office - the most by a single president ever. Higher rates simply equal either interest on created debt.
The NZDUSD has been able to fully retrace the sharp decline after Friday's non-farm payrolls report, but is seeing resistance at .7177.
A Fib. retracement on the 4H shows that a 23% retracement from the bottom would see prices at .7200, which aligns with price action resistance.
The New Zealand central bank's rate decision will be out tomorrow evening. Accoding to a Bloomberg survey via Ashraf Ladi, six of 16 economists believe the central bank will cut rates. This comes after multiple rate increases last year on the back of a "stronger" economy.
Near-term price support can be seen at .7150, .7120 and .7085.
Near-term resistance will first be challenged by minor descending channel downward trend, while .7200 could provide a level of resistance (Fib. 23 retracement and a psychological whole number level).
If price action can close above .72, upside potential is found at .7217, .7252 and .7270.
Feel free to contact me or check out my work:
Twitter: lemieux_26
Bullion.Directory: bullion.directory/ab...christopher-lemieux/