7 Nov 2013
NZD/USD Nearing projected upside target at 0.8443
FXstreet.com (Barcelona) - The NZD/USD cross is continuing to be boosted by kiwi strength primarily and occasional greenback weakness (as is the case currently). Elliott Wave-generated target of 0.8443 is now in the sights.
NZD/USD traders to focus on US data later on this session
The NZD/USD cross will be reacting primarily to news and data pushing the greenback around including: US GDP; US Weekly Jobless Claims; US Personal Consumption Expenditure; and, the US Consumer Credit change.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD is in the latter stages of the fifth wave of a five wave sequence higher. The upside target for this wave is approximately 0.8443 using Elliott Wave measuring techniques. Initial support on a corrective pullback is anticipated to be the first two Fibonacci retracements at 0.8397 and 0.8371.
NZD/USD traders to focus on US data later on this session
The NZD/USD cross will be reacting primarily to news and data pushing the greenback around including: US GDP; US Weekly Jobless Claims; US Personal Consumption Expenditure; and, the US Consumer Credit change.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD is in the latter stages of the fifth wave of a five wave sequence higher. The upside target for this wave is approximately 0.8443 using Elliott Wave measuring techniques. Initial support on a corrective pullback is anticipated to be the first two Fibonacci retracements at 0.8397 and 0.8371.