3 Nov 2014
NZD/USD testing 0.7770 intraday support
FXStreet (Bali) - NZD/USD trades on a soft note in early Asian, dragged lower by USD broad-based strength and AUD weakness, with losses sof ar contained by 0.7770 intraday support.
Jim Langlands, Founder at FXCharts, notes: "This week will largely be driven by offshore events although the NZ Q3 Jobs data is due and a soft reading could see the Kiwi head back to the recent trend low at 0.7707, below which, further bids would arrive at around 0.7680 (June 2013 low)."
Technically, Jim adds: "A mild downside bias looks to be the most likely outcome, with the weekend Chinese data likely to put the 0.7700 area under pressure sooner rather than later."
Jim Langlands, Founder at FXCharts, notes: "This week will largely be driven by offshore events although the NZ Q3 Jobs data is due and a soft reading could see the Kiwi head back to the recent trend low at 0.7707, below which, further bids would arrive at around 0.7680 (June 2013 low)."
Technically, Jim adds: "A mild downside bias looks to be the most likely outcome, with the weekend Chinese data likely to put the 0.7700 area under pressure sooner rather than later."