24 Sep 2013
NZD/USD landing; targets 0.8260 on its way down
FXstreet.com (Chicago) - NZD/USD wiped out weekly advances to accumulate a total of 1.15% losses so far in the afternoon of the American trading session.
Bears’ comeback?
Ahead of trade balance data in New Zealand and after the publication of mixed manufacturing results in the US with the Richmond Fed index at 0 vs. expected 17 and the consumer confidence at 79.7 vs. expected 79.8, market participants chew on Fed’s bearish comments more positively.
NZD/USD Technical Levels
Price action reveals the pair is still up 6.14% for the month but weekly losses are 100 pips now with today’s 1.15% retracement. On downward move, the pair broke the upward trendline that started last August 30th and the bearish channel after fall from 0.8410 continues extending. Offered at 0.8275, the pair oscillates between supports aligned at 0.8267 (May 15th highs), 0.8210 (May 25th highs) followed by 0.8162 (May 31st highs) and the resistances set at 0.83 (September 23rd lows), 0.8352 (September 20th lows) ahead of 0.84 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and dips below the EMA20.
Bears’ comeback?
Ahead of trade balance data in New Zealand and after the publication of mixed manufacturing results in the US with the Richmond Fed index at 0 vs. expected 17 and the consumer confidence at 79.7 vs. expected 79.8, market participants chew on Fed’s bearish comments more positively.
NZD/USD Technical Levels
Price action reveals the pair is still up 6.14% for the month but weekly losses are 100 pips now with today’s 1.15% retracement. On downward move, the pair broke the upward trendline that started last August 30th and the bearish channel after fall from 0.8410 continues extending. Offered at 0.8275, the pair oscillates between supports aligned at 0.8267 (May 15th highs), 0.8210 (May 25th highs) followed by 0.8162 (May 31st highs) and the resistances set at 0.83 (September 23rd lows), 0.8352 (September 20th lows) ahead of 0.84 (September 20th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and dips below the EMA20.