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Forex Flash: More consolidation ahead for NZD/USD - BNZ

By FXstreet.com,  August 20, 2012, 04:10:00 PM EDT

FXstreet.com (San Francisco) - NZD/USD saw some buying interest Monday, climbing to as high as 0.8105 ahead of the Q3 RBNZ survey of expectations at 03:00 GMT; the central bank is hoping that the 2-year inflation expectations measure drifts down further from last quarter's 2.4%y/y reading, says BNZ. NZD/USD ended the Noram session a 0.8090, 20 pips above the close past Friday.

"There is a fair likelihood the rest of the week is similarly unexciting, as investors await the important events of late August/early September," comments Mike Jones, Currency Strategist at BNZ. "All up, we suspect a light week for event risk and low volumes mean the NZD/USD is in for a bit more sideways consolidation in the near-term. Initial support is eyed at 0.8020, while bounces towards 0.8130 should encounter resistance."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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