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11 Sep 2013
NZD/USD runs out of stamina; struggling at 0.8060
FXstreet.com (Chicago) - NZD/USD was capped at 0.8070 after exhausting a bullish rally shortly after the closing of the American trading session. The pair advanced 0.66% throughout Tuesday’s session to consolidate upward trendline ahead of NZ data.
Facts and speculations
Earlier in the US, the Redbook index was released at 0.3% vs. past 0.6% (MoM). The equities markets registered gains with the Dow up 0.85%, the Nasdaq up 0.62% and the S&P500 up 0.73%. The X date was once again brought up to the discussion table as the US runs out of time and money to meet pre-established deficit ceilings. In other events, the Fed’s tapering remains a major concern as there are only 7 days left before the so awaited updates are made public. Finally, market participants seem more complacent in regards to an inconclusive and peaceful Syrian alternative. In New Zealand, the Finance Minister Bill English is scheduled to speak at 22:45 GMT ahead of the RBNZ interest rate decision due later in the day.
NZD/USD Technical Levels
Price action reveals the upward primary trend prevails along the secondary bullish trend. In the short-term view, the pair retraces from 0.8070 zone after a formidable rally to 0.8071 session highs – 21-day peaks – to now struggle to maintain the 0.8060 zone. Offered at 0.8063, the pair oscillates between supports at 0.8052 (August 14th lows), 0.8016 (September 7th highs) ahead of 0.7989 (August 20th highs) while resistances are set at 0.8077 (session highs), 0.8092 (July 29th highs) followed by 0.8116 (August 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and navigates above the EMA20.
Facts and speculations
Earlier in the US, the Redbook index was released at 0.3% vs. past 0.6% (MoM). The equities markets registered gains with the Dow up 0.85%, the Nasdaq up 0.62% and the S&P500 up 0.73%. The X date was once again brought up to the discussion table as the US runs out of time and money to meet pre-established deficit ceilings. In other events, the Fed’s tapering remains a major concern as there are only 7 days left before the so awaited updates are made public. Finally, market participants seem more complacent in regards to an inconclusive and peaceful Syrian alternative. In New Zealand, the Finance Minister Bill English is scheduled to speak at 22:45 GMT ahead of the RBNZ interest rate decision due later in the day.
NZD/USD Technical Levels
Price action reveals the upward primary trend prevails along the secondary bullish trend. In the short-term view, the pair retraces from 0.8070 zone after a formidable rally to 0.8071 session highs – 21-day peaks – to now struggle to maintain the 0.8060 zone. Offered at 0.8063, the pair oscillates between supports at 0.8052 (August 14th lows), 0.8016 (September 7th highs) ahead of 0.7989 (August 20th highs) while resistances are set at 0.8077 (session highs), 0.8092 (July 29th highs) followed by 0.8116 (August 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and navigates above the EMA20.