23 Oct 2013
NZD/USD set up for a continuation on the bid?
FXstreet.com (London) - NZD/USD is developing a pennant which might signify a continuation of the bull run which we have witnessed today in the pair.
So far, the pair has stalled ahead of May 2013 highs, finding supply at 0.8520/40 after a broad based dollar sell-off earlier in the session. NZD/USD awaits more data from the calendar on Thursday with the trade balance for NZ with September being seasonally weak for dairy exports but strong for imports a series of more US numbers which may or may not underpin the dollars weakness as markets forecast that the Fed will delay reducing $85b in monthly bond purchases until March 2014.
NZD/USD Levels
The 20 DMA is 0.8335, the 50 DMA is 0.8141 and the 200 DMA is 0.8184. RSI (14) reads 74.61. Supports are ascending from 0.8413, 0.8430 and 0.8451. Spot is currently 0.8512 while resistances are 0.8558, 0.8587 and 0.8643.
So far, the pair has stalled ahead of May 2013 highs, finding supply at 0.8520/40 after a broad based dollar sell-off earlier in the session. NZD/USD awaits more data from the calendar on Thursday with the trade balance for NZ with September being seasonally weak for dairy exports but strong for imports a series of more US numbers which may or may not underpin the dollars weakness as markets forecast that the Fed will delay reducing $85b in monthly bond purchases until March 2014.
NZD/USD Levels
The 20 DMA is 0.8335, the 50 DMA is 0.8141 and the 200 DMA is 0.8184. RSI (14) reads 74.61. Supports are ascending from 0.8413, 0.8430 and 0.8451. Spot is currently 0.8512 while resistances are 0.8558, 0.8587 and 0.8643.