21 Aug 2013
NZD/USD crumbles 1.17% to 2-week lows
FXstreet.com (Chicago) - NZD/USD accumulates 2.61% weekly losses so far with 1.17% added today. After the release of FOMC minutes, the pair plunged to 0.7849 2-week lows as little clues were given by the Fed but potential tapering may occur next month. However, interpretations can be perceived arguing potential tapering may happen soon if the economy improves.
Conditional Comfort
“Almost all committee members agreed that a change in the purchase program was not yet appropriate” but speculators assess the potential for tapering is on its way, strengthening the dollar against the kiwi.
Technical levels
Technically speaking, the pair trades at 0.7897 between supports at 0.7880 (August 7th lows), 0.7864 (August 1st lows) ahead of 0.7847 (intraday lows) and resistances at 0.7907 (July 18th lows), 0.7922 (July 18th highs) followed by 0.7937 (August 12th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
Conditional Comfort
“Almost all committee members agreed that a change in the purchase program was not yet appropriate” but speculators assess the potential for tapering is on its way, strengthening the dollar against the kiwi.
Technical levels
Technically speaking, the pair trades at 0.7897 between supports at 0.7880 (August 7th lows), 0.7864 (August 1st lows) ahead of 0.7847 (intraday lows) and resistances at 0.7907 (July 18th lows), 0.7922 (July 18th highs) followed by 0.7937 (August 12th lows). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.