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20 Apr 2015
NZD/USD around 0.77 post weak Q1 NZ inflation
FXStreet (Bali) - NZD/USD remains trading on a strong note circa 0.77, above last Friday's close, assisted by an increase of 1% in RRR by the PBOC over the weekend, while shrugging off weaker-than-expected NZ inflation numbers for Q1 2015.
New Zealand Consumer Price Index (YoY) came at 0.1% below forecasts of 0.2% in Q1, with the QoQ also below expectations, coming at -0.3% vs -0.2%.
Technically, Jim Langlands, Founder at FXCharts, notes: "While the dailies still point higher, the 4 hour charts appear to be rolling over for a further look at the downside, where the initial support levels to watch will be at 0.7645 (Friday’s low) and at 0.7610 (23.6% of 0.7175/0.7740). Below this would head back into the consolidation zone where further choppy trade would seem likely ahead of 0.7530 (38.2%). On the topside, 0.7700 will see sellers ahead of Friday’s 0.7740 peak."
New Zealand Consumer Price Index (YoY) came at 0.1% below forecasts of 0.2% in Q1, with the QoQ also below expectations, coming at -0.3% vs -0.2%.
Technically, Jim Langlands, Founder at FXCharts, notes: "While the dailies still point higher, the 4 hour charts appear to be rolling over for a further look at the downside, where the initial support levels to watch will be at 0.7645 (Friday’s low) and at 0.7610 (23.6% of 0.7175/0.7740). Below this would head back into the consolidation zone where further choppy trade would seem likely ahead of 0.7530 (38.2%). On the topside, 0.7700 will see sellers ahead of Friday’s 0.7740 peak."