25 Sep 2013
NZD/USD climbing a stairway to…?
FXstreet.com (London) - NZD/USD is off the lows and it has pierced 0.8260 resistances. The pair could be shaping up for a run towards 0.8300 and yesterdays highs.
However, the NZD/USD was a notable under-performer yesterday as the market was preempting a weak trade balance number, taking profits ahead of the risk factor. The trade deficit itself was wider than expected. The NZD/USD slid back down to the pre Fed levels while real money supply on rallies came in as the dominant theme (reducing longs). This bounce has so far to meet any supply and critically the pair has managed a break of resistances to the top-side of the cup. However, the main theme to the bird is the RBNZ. Rationale being the RBNZ is likely to become increasingly vocal on NZD strength.
NZD/USD Levels
Key level on the downside is the 200dma at 0.8179 (notable pivot on way up). The 20 DMA is 0.8065, the 50 DMA is 0.7998. RSI (14) 49.97. Supports are ascending from 0.8130, 0.8165, 0.8190, 0.8206, 0.8228. Spot is currently 0.8261 while resistances are 0.8297, 0.8320, 0.8341 and 0.8374.
However, the NZD/USD was a notable under-performer yesterday as the market was preempting a weak trade balance number, taking profits ahead of the risk factor. The trade deficit itself was wider than expected. The NZD/USD slid back down to the pre Fed levels while real money supply on rallies came in as the dominant theme (reducing longs). This bounce has so far to meet any supply and critically the pair has managed a break of resistances to the top-side of the cup. However, the main theme to the bird is the RBNZ. Rationale being the RBNZ is likely to become increasingly vocal on NZD strength.
NZD/USD Levels
Key level on the downside is the 200dma at 0.8179 (notable pivot on way up). The 20 DMA is 0.8065, the 50 DMA is 0.7998. RSI (14) 49.97. Supports are ascending from 0.8130, 0.8165, 0.8190, 0.8206, 0.8228. Spot is currently 0.8261 while resistances are 0.8297, 0.8320, 0.8341 and 0.8374.