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Fundamental View
New Zealand Dollar is considered a risk appetite currency and tend to perform well in time of stable growth across the board. NZDUSD has performed well since February 2014 and in last couple of months it has gone up around 580 pips and just shy of April 2013 high of 0.8675. However, this pair sunk heavily after press conference by Fed Chairman suggested that rate hikes may happen "around 6 months" after the end of QE program, strengthening USD and dampening risk appetite across the board.
Technical View
From technical perspective this down move was also very much on the cards given that price was approaching Daily supply zone / Daily swing high level. I am expecting price to drop further next week between 0.8450 and 0.8430 zone where we could once again see some buying interest.
New Zealand Dollar is considered a risk appetite currency and tend to perform well in time of stable growth across the board. NZDUSD has performed well since February 2014 and in last couple of months it has gone up around 580 pips and just shy of April 2013 high of 0.8675. However, this pair sunk heavily after press conference by Fed Chairman suggested that rate hikes may happen "around 6 months" after the end of QE program, strengthening USD and dampening risk appetite across the board.
Technical View
From technical perspective this down move was also very much on the cards given that price was approaching Daily supply zone / Daily swing high level. I am expecting price to drop further next week between 0.8450 and 0.8430 zone where we could once again see some buying interest.
