6 Aug 2013
NZD/USD sustaining gains at 0.7900 level ahead of NZ data
FXstreet.com (New York) - The NZD/USD foreign exchange rate is operating in a sideways consolidation at the 0.7900 region Wednesday morning ahead of a series of NZ data later today.
NZD/USD event risk
Later today in New Zealand, several economic figures are slated for release including Unemployment and labor cost statistics at 22:45 GMT.
The New Zealand government expects the economy will avoid any immediate harm from suspension of sales of some dairy products to China after the identification of a bacterial contamination that could cause botulism.
“So far, the immediate damage economically to New Zealand is extremely limited,” Trade Minister Tim Groser told reported today. The government is “very conscious” of the risk to New Zealand’s reputation as a producer of safe, high-quality foods, he said. Food exports comprise more than half of the South Pacific nation’s annual exports, which in turn make up about 30 percent of gross domestic product.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZD/USD extended the bullish rebound towards 0.7900 resistance level, just below the 50-day SMA, where we expect price to start losing the bullish steam at this key resistance level. Hence, a break back above 0.7940 will extend the rally.”
Technically speaking, the NZD/USD is now operating at 0.7901, clinging to yesterday’s robust gains. Should the pair climb higher, resistances will hold the NZD/USD in check 0.7904 (20-day SMA), onto 0.7915 (August 2 high), and 0.7934 (July 31 low).
NZD/USD event risk
Later today in New Zealand, several economic figures are slated for release including Unemployment and labor cost statistics at 22:45 GMT.
The New Zealand government expects the economy will avoid any immediate harm from suspension of sales of some dairy products to China after the identification of a bacterial contamination that could cause botulism.
“So far, the immediate damage economically to New Zealand is extremely limited,” Trade Minister Tim Groser told reported today. The government is “very conscious” of the risk to New Zealand’s reputation as a producer of safe, high-quality foods, he said. Food exports comprise more than half of the South Pacific nation’s annual exports, which in turn make up about 30 percent of gross domestic product.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The NZD/USD extended the bullish rebound towards 0.7900 resistance level, just below the 50-day SMA, where we expect price to start losing the bullish steam at this key resistance level. Hence, a break back above 0.7940 will extend the rally.”
Technically speaking, the NZD/USD is now operating at 0.7901, clinging to yesterday’s robust gains. Should the pair climb higher, resistances will hold the NZD/USD in check 0.7904 (20-day SMA), onto 0.7915 (August 2 high), and 0.7934 (July 31 low).