16 Jul 2013
NZD/USD trading at 0.7800 level ahead of NZ CPI
FXstreet.com (New York) - The NZD/USD foreign exchange rate has retreated back to the 0.7800 region during Asian trading Tuesday, eying the key data release later out of the New Zealander economy.
At the time of writing, the NZD/USD is now incurring marginal losses of -0.02%, settling at 0.7805 (55-day MA). Looking ahead, supportive measures will trigger should the pair reach 0.7795 (200-day SMA), ahead of 0.7782 (July 10 low), 0.7769 (July 9 low).
NZD/USD event risk
Later today at 22:45 GMT, the New Zealand economy is slated to reveal a pair of Consumer Price Indicators in Q2, which will be central to the near-term fortunes of the NZD, and certainly the most important domestic event facing the currency this week.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZD/USD failed to hold above the 0.7865 level (daily closing), and the main descending trend line for the latest bearish wave. Accordingly, the recent sideways range continues to be intact and considered a normal consolidation within the context of the bearish trend.”
At the time of writing, the NZD/USD is now incurring marginal losses of -0.02%, settling at 0.7805 (55-day MA). Looking ahead, supportive measures will trigger should the pair reach 0.7795 (200-day SMA), ahead of 0.7782 (July 10 low), 0.7769 (July 9 low).
NZD/USD event risk
Later today at 22:45 GMT, the New Zealand economy is slated to reveal a pair of Consumer Price Indicators in Q2, which will be central to the near-term fortunes of the NZD, and certainly the most important domestic event facing the currency this week.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZD/USD failed to hold above the 0.7865 level (daily closing), and the main descending trend line for the latest bearish wave. Accordingly, the recent sideways range continues to be intact and considered a normal consolidation within the context of the bearish trend.”