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29 Jul 2014
NZD/USD: Offers to be very heavy on any rally - FXWW
FXStreet (Bali) - Sean Lee, Founder at FXWW, notes that interbank market reported solid bids Monday at .8525 and more expected .8500/15, also adding that according to a big prime broker, offers are expected very heavy of any rallies towards 0.86.
Key Quotes
"Macro players still very long of NZD but short-term market has been getting short after RBNZ and up-coming risk events; Interbank market reported some very solid bids yesterday at .8525 and more are expected .8500/15."
"There are some tight trailing stops mentioned above .8570 but sources with one of the big prime brokers expect offers to be very heavy on any rally towards .8600."
"Macro longs are unlikely to panic but a break below the 200-dma at .8450 could change that; Much of course will depend on the Fonterra announcement and we will probably see positional adjustment ahead of that."
Key Quotes
"Macro players still very long of NZD but short-term market has been getting short after RBNZ and up-coming risk events; Interbank market reported some very solid bids yesterday at .8525 and more are expected .8500/15."
"There are some tight trailing stops mentioned above .8570 but sources with one of the big prime brokers expect offers to be very heavy on any rally towards .8600."
"Macro longs are unlikely to panic but a break below the 200-dma at .8450 could change that; Much of course will depend on the Fonterra announcement and we will probably see positional adjustment ahead of that."