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20 Jun 2013
NZD/USD dips below 0.79
FXstreet.com (Barcelona) - About 1 hour away from NZ GDP figures are out at 22:45 GMT, the Kiwi dollar is last trading at 0.7875, off fresh weekly and 6-day lows at 0.7854, printed on the back of a massive rally in the USD across the board, after earlier on FOMC.
USD higher on Bernanke's words
The so awaited “tapering” warning was clearly sent by FED Chairman Ben Bernanke, although he also stated that “purchases will not be finished by mid next year,” in response to questions of how radical the move will be, meaning it will be made in a moderate and progressive fashion, always dependant on how the economy, and particularly the US job market, will develop.
Key technical levels
Immediate support to the downside for NZD/USD lies at mentioned fresh 6-day lows 0.7854, followed by June 28 2012 lows at 0.7835, and July 25 2012 lows at 0.7805. To the upside, closest resistance shows at past Thursday's lows 0.7893, followed by June 10 highs at 0.7926, and June 18 lows at 0.7946.
USD higher on Bernanke's words
The so awaited “tapering” warning was clearly sent by FED Chairman Ben Bernanke, although he also stated that “purchases will not be finished by mid next year,” in response to questions of how radical the move will be, meaning it will be made in a moderate and progressive fashion, always dependant on how the economy, and particularly the US job market, will develop.
Key technical levels
Immediate support to the downside for NZD/USD lies at mentioned fresh 6-day lows 0.7854, followed by June 28 2012 lows at 0.7835, and July 25 2012 lows at 0.7805. To the upside, closest resistance shows at past Thursday's lows 0.7893, followed by June 10 highs at 0.7926, and June 18 lows at 0.7946.