9 Oct 2013
NZD/USD is range bound ahead of key US event
FXstreet.com (London) - NZD/USD is still range bound between 0.8320 and 0.8280 in the sideways channel.
Research teams said that the US economic data calendar has been severely disrupted by the ongoing government shutdown, so today’s release of the September FOMC minutes will take on more importance. “Given the surprising no-taper decision last month, the key consideration for the markets will be gauging the nature of the discussions surrounding this decision, and our US economists expect the minutes to reinforce the Fed’s near-term dovish bias”. Meanwhile, NZD QV house prices rose 8.4% YoY, explained the research teams, albeit slowing from 8.5% in the previous month. “The rise in prices support the call for an increase in cash rates by the RBNZ, starting March 2014. Retail card spending fell -0.8% after a downward revision to Aug of +0.5%. However, Q3 sales as a whole is still healthy at +1.5%/qtr, meaning consumption will add a decent +0.5%pts to Q3 GDP”.
NZD/USD Levels
The 20 DMA is 0.8272, the 50 DMA is 0.8060 and the 200 DMA is 0.8183. RSI (14) reads 46.46. Supports are ascending from 0.8194, 0.8238 and 0.8247. Spot is 0.8286 while resistances are 0.8318, 0.8352, 0.8374, 0.8390 and 0.8436.
Research teams said that the US economic data calendar has been severely disrupted by the ongoing government shutdown, so today’s release of the September FOMC minutes will take on more importance. “Given the surprising no-taper decision last month, the key consideration for the markets will be gauging the nature of the discussions surrounding this decision, and our US economists expect the minutes to reinforce the Fed’s near-term dovish bias”. Meanwhile, NZD QV house prices rose 8.4% YoY, explained the research teams, albeit slowing from 8.5% in the previous month. “The rise in prices support the call for an increase in cash rates by the RBNZ, starting March 2014. Retail card spending fell -0.8% after a downward revision to Aug of +0.5%. However, Q3 sales as a whole is still healthy at +1.5%/qtr, meaning consumption will add a decent +0.5%pts to Q3 GDP”.
NZD/USD Levels
The 20 DMA is 0.8272, the 50 DMA is 0.8060 and the 200 DMA is 0.8183. RSI (14) reads 46.46. Supports are ascending from 0.8194, 0.8238 and 0.8247. Spot is 0.8286 while resistances are 0.8318, 0.8352, 0.8374, 0.8390 and 0.8436.