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NZD/USD lacks full commitment from the bulls

FXStreet (Guatemala) - NZD/USD is trading at 0.8487, down -0.06% on the day, having posted a daily high at 0.8495 and low at 0.8486.

NZD/USD has come run out of legs in the 0.85 handle post a 100 pip gain for the bulls while the hourly FXStreet OB/OS Index is showing neutral conditions here, alongside the FXStreet Trend Index which is now slightly bearish in over run conditions in a quiet session in Asia. At the time of writing, RSI is neutral at 42.94, down from 55.06 at the last hour close. Meanwhile, daily RSI is in neutral territory at 32.73. We hold onto the recent events as New Zealand reported Q2 retail sales at 1.2% q/q vs. 1.0% consensus and 0.7% in Q1. Analysts at BBH explained that the data have been coming in soft recently, however, which should support expectations of RBNZ on hold at the next meeting September 11. “Indeed, many observers see the RBNZ on hold for several more months, with tightening potential picking up modestly in Q1 2015”.

NZD/USD Levels

Current price is 0.8488, with resistance ahead at 0.8515 (Yesterday's High), 0.8515 (Daily Classic R2) and 0.8522 (Weekly Classic R1). Next support to the downside can be found at 0.8486 (Hourly 20 EMA), 0.8475 (Weekly High) and 0.8473 (Weekly Classic PP).

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