27 Nov 2013
NZD/USD falls to 0.8173 session lows
FXstreet.com (Chicago) - NZD/USD remains under pressure as evidenced by price action and choppy trading during the past couple of days extending the bearish channel after the fall from the 0.8270 front.
Perspective
Jim Langlands from FXcharts explains that “the Kiwi has had another choppy session and has been dragged around to an extent by the Aud and also by Euro and Gbp strength against the antipodean crosses. However at the end of the US session, it is back at the neckline of the head and shoulder formation that we have recently monitored and is still unable to work out which way to go. We may get an early clue from the upcoming Trade data, and a better than expected reading could increase speculation of an early 2014 rate hike which would push the Kiwi higher. In the meantime the points to watch remain largely unchanged from the previous few sessions.”
NZD/USD Technical Levels
Price action reveals the pair remains subdued to bearish pressure after ephemeral visit to the 0.82 front earlier in the day. Offered at 0.8179, the pair navigates between the supports aligned at 0.8155 (September 18th lows), 0.8124 (November 21st lows) ahead of 0.8091 (September 14th lows) and the resistances set at 0.8192 (October 2nd lows), 0.8230 (October 10th lows) followed by 0.8267 (October 28th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is neutral and oscillates below the EMA20.
Perspective
Jim Langlands from FXcharts explains that “the Kiwi has had another choppy session and has been dragged around to an extent by the Aud and also by Euro and Gbp strength against the antipodean crosses. However at the end of the US session, it is back at the neckline of the head and shoulder formation that we have recently monitored and is still unable to work out which way to go. We may get an early clue from the upcoming Trade data, and a better than expected reading could increase speculation of an early 2014 rate hike which would push the Kiwi higher. In the meantime the points to watch remain largely unchanged from the previous few sessions.”
NZD/USD Technical Levels
Price action reveals the pair remains subdued to bearish pressure after ephemeral visit to the 0.82 front earlier in the day. Offered at 0.8179, the pair navigates between the supports aligned at 0.8155 (September 18th lows), 0.8124 (November 21st lows) ahead of 0.8091 (September 14th lows) and the resistances set at 0.8192 (October 2nd lows), 0.8230 (October 10th lows) followed by 0.8267 (October 28th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is neutral and oscillates below the EMA20.