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Forex Trading - New Zealand Dollar Still Headed Lower
By DailyFX Updates | August 15, 2007
Yesterday, I said that the NZD/USD was in for more losses. We are down 1.38 percent today or 100 points off the high. But more importantly, we have broken very critical support at 7265/7275. There is now no major support until .6720.
Fundamentally and Technically, the NZD/USD looks like its in for more losses. Retail sales earlier this week were much weaker than expected and there are reports that foreign debt redemptions in the next 2 months will continue to weigh on the currency. NZ$3.5 billion worth of bonds are set to mature this month with another NZ$3.9 billion to mature in September. Much of this is foreign debt obligations and given the recent turmoil in the financial markets - repatriation risk is high.
Updated NZD/USD Chart
Tags: forex, forex news, forex trading
Topics: DailyFX.com Updates |
August 16th, 2007 at 10:59 am
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August 16th, 2007 at 1:42 pm
[…] Forex Trading - New Zealand Dollar Still Headed Lower […]
August 16th, 2007 at 2:33 pm
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