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11 Apr 2013
Forex: NZD/USD establishing fresh highs at 0.8624/29
FXstreet.com (Barcelona) - The NZD/USD has shot higher Thursday after receiving an impetus from domestic housing prices. The pair is establishing fresh maximums at 0.8624/29 in these moments, securing an advance of +0.58% above its opening as it bulls through resistance during European trading.
According the ICN.com technical analyst team, after breaking above the 0.8610 resistance, the NZD/USD will face additional corrective measures levels 0.8640 and 0.8680. Should any gains be pared, supports lie below at 0.8535 down to 0.8500.
Overnight, New Zealand house prices rose 2.4% in March (+10.9% YoY) - the fastest monthly increase in six years. Finance Minister English said that if the boom continues, interest rates might have to rise. This resonated with a similar warning issued by RBNZ Deputy Governor Spencer on Monday, and the NZD/USD eventually climbed on the back of this to 0.8600 overnight.
According the ICN.com technical analyst team, after breaking above the 0.8610 resistance, the NZD/USD will face additional corrective measures levels 0.8640 and 0.8680. Should any gains be pared, supports lie below at 0.8535 down to 0.8500.
Overnight, New Zealand house prices rose 2.4% in March (+10.9% YoY) - the fastest monthly increase in six years. Finance Minister English said that if the boom continues, interest rates might have to rise. This resonated with a similar warning issued by RBNZ Deputy Governor Spencer on Monday, and the NZD/USD eventually climbed on the back of this to 0.8600 overnight.