24 Jul 2013
NZD/USD summits 0.8000 after upbeat NZ data
FXstreet.com (New York) - The NZD/USD foreign exchange rate rose above the 0.8000 region after robust economic data in New Zealand.
In New Zealand, the Trade Balance (MoM) came in at $414M in June, against expectations of $-100M. Meanwhile, Exports were reported at $4.02B in June, vs. projections $3.90B. Finally, Imports (June) came in at $3.60B, against estimates of $3.90B.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “There is little change on yesterday and we need to take out the session high of 0.8008 to make further progress towards 0.8056 (38.2% 0.8675/0.7682) and then towards 0.8100. The downside sees support at 0.7965 and then at 0.7950. The dailies are still pointing higher, but the 4-hour charts are fairly noncommittal. As with everything else, while the USD remains under pressure I suspect the result will be for a slow squeeze higher.
NZD/USD technical bias
At the time of writing, the NZD/USD is trading negatively, up a meager +0.03%, whilst settling at the 0.8002. In terms of the technical levels, NZD/USD is slated to encounter calculated support should the pair fall to 0.7985 (55-day MA), ahead of 0.7963 (200-day SMA). On the ascension, the NZD/USD will face resistance at 0.8007 (July 23 high), onto 0.8019 (June 18 high).
In New Zealand, the Trade Balance (MoM) came in at $414M in June, against expectations of $-100M. Meanwhile, Exports were reported at $4.02B in June, vs. projections $3.90B. Finally, Imports (June) came in at $3.60B, against estimates of $3.90B.
NZD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “There is little change on yesterday and we need to take out the session high of 0.8008 to make further progress towards 0.8056 (38.2% 0.8675/0.7682) and then towards 0.8100. The downside sees support at 0.7965 and then at 0.7950. The dailies are still pointing higher, but the 4-hour charts are fairly noncommittal. As with everything else, while the USD remains under pressure I suspect the result will be for a slow squeeze higher.
NZD/USD technical bias
At the time of writing, the NZD/USD is trading negatively, up a meager +0.03%, whilst settling at the 0.8002. In terms of the technical levels, NZD/USD is slated to encounter calculated support should the pair fall to 0.7985 (55-day MA), ahead of 0.7963 (200-day SMA). On the ascension, the NZD/USD will face resistance at 0.8007 (July 23 high), onto 0.8019 (June 18 high).