Helena Izotova
According to the Reserve Bank of New Zealand, last week’s decline of the NZ Dollar was caused by traders’ reluctance to trade big in advance of the World Bank, G20 and IMF summits. According to Mike Jones, a currency strategist at the Reserve Bank of New Zealand, says the focus is on the result of these summits.
Philip Borkin, an economist at Goldman Sachs, assumes that this week’s major even for the NZ currency is the Reserve Bank of New Zealand’s interest rate decision. The expert doesn’t anticipate any surprises.
According to , NZDUSD keeps retracing against the recent rally. So far, the currency pair has finished forming wave А(С)/С inside a major downswing - wave А/В of Daily. A break below the local low will continue the current downswing. Levels 0.8087 and 0.8256 will turn into the major levels of support. The current downswing will be over once the price breaks above 0.8188 and 0.8196. Level 0.8234 will become the closest major level of resistance.
Helena Izotova
