25 Oct 2013
NZD/USD hits 2-week lows at 0.8298
FXstreet.com (Chicago) - NZD/USD gave up momentarily to bearish pressure losing the 0.83 key psychological support but handing to counter attack and reposition itself above the 0.83 zone.
Data, kiwi’s performance
New Zealand got positive trade balance results earlier this week with the US publishing a series of delayed data on shutdown such as disappointing manufacturing facts, job market results ahead of durable goods orders for September. According to Jim Langlands from FXcharts, “the Kiwi traded beautifully today, heading initially to the resistance at 0.8440 (high 0.8445) before falling a big figure to currently sit at 0.8345, having been down to a low of 0.8319. Momentum remains negative and if the current levels give way, then we can expect to see a decline towards 0.8300 and possibly towards 0.8230 (38.2% of 0.7718/0.8543).”
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8308 and oscillates between the supports aligned at 0.8270 (October 6th lows), 0.8228 (October 10th lows) followed by 0.8173 (October 1st lows) and the resistances set at 0.8340 (October 7th highs), 0.8392 (October 14th lows) followed by 0.8435 (October 20th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis below the EMA20.
Data, kiwi’s performance
New Zealand got positive trade balance results earlier this week with the US publishing a series of delayed data on shutdown such as disappointing manufacturing facts, job market results ahead of durable goods orders for September. According to Jim Langlands from FXcharts, “the Kiwi traded beautifully today, heading initially to the resistance at 0.8440 (high 0.8445) before falling a big figure to currently sit at 0.8345, having been down to a low of 0.8319. Momentum remains negative and if the current levels give way, then we can expect to see a decline towards 0.8300 and possibly towards 0.8230 (38.2% of 0.7718/0.8543).”
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8308 and oscillates between the supports aligned at 0.8270 (October 6th lows), 0.8228 (October 10th lows) followed by 0.8173 (October 1st lows) and the resistances set at 0.8340 (October 7th highs), 0.8392 (October 14th lows) followed by 0.8435 (October 20th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis below the EMA20.