5 Nov 2013
NZD/USD clings to last week’s high of 0.8332 ahead of NZ data
FXstreet.com (Athens) – The NZD/USD has been trading steadily upwards since the kick off of the European trading session breaking crucial support areas.
NZD/USD above 0.8330 level ahead of New Zealand labor data
The NZD/USD is trading strongly higher the past hours during the European session ahead of New Zealand labor data, as the solid New Zealand fundamentals support the kiwi, alongside with a general belief that the RBNZ will be probably the first Central Bank which will proceed to a rate hike.
Technical Analysis on the NZD/USD
Ahead of, pertaining to kiwi, we will witness NZ labor data at 21.45 GMT hours. What’s more, market participants should be aware that the cross is now standing near 0.8328, which is the 38.2% of the Fibonnaci area as of the downtrend movement of 0.8544-0.8193. What’s more, very close to the above depicted area is the 0.8332 level which is last week’s high, thus, in case this level is breached, the cross might be driven further upwards. Imre Speizer on behalf of the Westpac Global Strategy Team suggests that “Near term, the US dollar’s pull should dominate, putting 0.8190 at risk. Longer term, we target 0.8600 by Mar-14.”
NZD/USD above 0.8330 level ahead of New Zealand labor data
The NZD/USD is trading strongly higher the past hours during the European session ahead of New Zealand labor data, as the solid New Zealand fundamentals support the kiwi, alongside with a general belief that the RBNZ will be probably the first Central Bank which will proceed to a rate hike.
Technical Analysis on the NZD/USD
Ahead of, pertaining to kiwi, we will witness NZ labor data at 21.45 GMT hours. What’s more, market participants should be aware that the cross is now standing near 0.8328, which is the 38.2% of the Fibonnaci area as of the downtrend movement of 0.8544-0.8193. What’s more, very close to the above depicted area is the 0.8332 level which is last week’s high, thus, in case this level is breached, the cross might be driven further upwards. Imre Speizer on behalf of the Westpac Global Strategy Team suggests that “Near term, the US dollar’s pull should dominate, putting 0.8190 at risk. Longer term, we target 0.8600 by Mar-14.”