Back
16 Sep 2013
EUR/NZD posts fresh 1-year lows below 1.63 on Kiwi strength
FXstreet.com (Barcelona) - The EUR/NZD foreign exchange cross rate is last trading at 1.6314 off recent session and fresh 1-year lows at 1.6220 printed on Kiwi strength helped on recently hawkish bias for the RBNZ, and following Larry Summers steeping out of Fed chairmanship race.
EUR/NZD more downside ahead
“The break below 1.6400 signals a further 3 cent fall,” said Westpac analyst Imre Speizer, adding: “Longer term, EUR/NZD lower is supported by our expectation Eurozone economic data should start to disappoint soon, plus simmering risks around Greece’s third bailout and Berlusconi’s fate in the Italian Parliament. There’s also the German election to watch.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at Friday's highs/Sept 06 lows 1.6385, followed by Tuesday's/Wednesday's lows at 1.6420, and Wednesday's highs at 1.6520. To the downside, closest support lies at Thursday's lows 1.6286, followed by Friday's lows at 1.6242, and recent session/fresh 1-year lows at 1.6218.
EUR/NZD more downside ahead
“The break below 1.6400 signals a further 3 cent fall,” said Westpac analyst Imre Speizer, adding: “Longer term, EUR/NZD lower is supported by our expectation Eurozone economic data should start to disappoint soon, plus simmering risks around Greece’s third bailout and Berlusconi’s fate in the Italian Parliament. There’s also the German election to watch.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at Friday's highs/Sept 06 lows 1.6385, followed by Tuesday's/Wednesday's lows at 1.6420, and Wednesday's highs at 1.6520. To the downside, closest support lies at Thursday's lows 1.6286, followed by Friday's lows at 1.6242, and recent session/fresh 1-year lows at 1.6218.