2 Sep 2013
NZD/USD bouncing modestly after breaking short-term support at 0.7892 last week
FXstreet.com (Barcelona) - The NZD/USD was hit last week by the dovish comments from the RBNZ and stronger-than-expected U.S. data. The open this week counters last week’s action and some analysts are calling for a ST bounce.
NZD/USD likely to catch a bounce soon. But at which price level?
The NZD/USD cross has continued to get hammered on a short-term basis after the dovish commentary by the Reserve Bank of New Zealand’s Governor Wheeler and surprisingly strong data out of the U.S. – which ran counter to previous weeks’ trends.
This week brings more data to digest mostly out of the U.S. – culminating with the monthly jobs report out of the U.S. on Friday. Here’s the schedule of meaningful data releases for the week:
• Monday: NZD Terms of Trade Index (came out better-than-expected)
• Tuesday: NZD Commodities Prices; US ISM Manufacturing PPI; US Construction Spending
• Wednesday: US Trade Balance; US Fed Beige Book; Fed’s Dudley speaking
• Thursday: Fed’s Kocherlakota speaking; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
• Friday: ; US Monthly Employment Report
Technical outlook for NZD/USD
Technicians are calling for a bounce in NZD/USD up to at least the 81 area. However, the cross will have to hold support at 0.7682 for a more bullish rally scenario – which has the NZD/USD moving up to 0.8295 – 0.8393 - to have a chance.
NZD/USD likely to catch a bounce soon. But at which price level?
The NZD/USD cross has continued to get hammered on a short-term basis after the dovish commentary by the Reserve Bank of New Zealand’s Governor Wheeler and surprisingly strong data out of the U.S. – which ran counter to previous weeks’ trends.
This week brings more data to digest mostly out of the U.S. – culminating with the monthly jobs report out of the U.S. on Friday. Here’s the schedule of meaningful data releases for the week:
• Monday: NZD Terms of Trade Index (came out better-than-expected)
• Tuesday: NZD Commodities Prices; US ISM Manufacturing PPI; US Construction Spending
• Wednesday: US Trade Balance; US Fed Beige Book; Fed’s Dudley speaking
• Thursday: Fed’s Kocherlakota speaking; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
• Friday: ; US Monthly Employment Report
Technical outlook for NZD/USD
Technicians are calling for a bounce in NZD/USD up to at least the 81 area. However, the cross will have to hold support at 0.7682 for a more bullish rally scenario – which has the NZD/USD moving up to 0.8295 – 0.8393 - to have a chance.