- Kiwi under pressure in anticipation of more stimulus from the RBNZ.
- NZD / USD reversed Monday’s rise and is approaching monthly lows.
The NZD / USD is falling on Tuesday and It operates at 0.6570, after having managed to move away from the lows of the day. The rebound of the last hours had to do with a decline in the dollar in the market before a rise in stocks on Wall Street.
The kiwi bottomed hours ago at 0.6552, the lowest level since October 8, after falling nearly 100 pips from Monday’s highs. The weakness had as an extra factor the comments of the Governor of the Reserve Bank of New Zealand, Orr, who expressed that there is a lot of space available in his purchasing program. He stated that there will be an update to the tools in November.
The expectation of more monetary stimulus is playing against the AUD and NZD, as while falling, CAD is up against the dollar on Tuesday.
From a technical point of view, the NZD / USD still under pressure. Immediate resistance stands at 0.6580. In the opposite direction, the 0.6550 zone is the key short-term support, which contained the lows today and two weeks ago. The break of the mentioned level, would point to lower and a test to the September lows which are located at 0.6510.
Credits: Forex Street
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