6 Nov 2013
NZD/USD forging 0.8380 grounds
FXstreet.com (Chicago) - NZD/USD attempts to erase previous losses after falling from the 0.84 zone. Around the 0.8380 zone, the pair prints higher highs and lows mid-way through the American trading session.
Data recap
Earlier today, the US released economic data that evidenced mixed results. MBA mortgage applications were -7.0% vs. prior 6.4%. The CB leading indicator (MoM) for September was 0.7% vs. expected 0.6%. The EIA Crude oil stocks change was 1.5777M vs. estimates at 1.7000M.
NZD/USD Technical Levels
Technically speaking, hourly charts evidence a strong retracement from the 0.84 zone. Extending the bearish channel that started earlier today, the pair is offered at 0.8382 and oscillates between the supports aligned at 0.8355 (October 22nd lows), 0.8313 (November 4th highs) followed by 0.8270 (October 25th lows) and the resistances set at 0.84 (September 18th highs), 0.8444 (October 23rd highs) ahead of 0.8512 (October 18th highs). Breaking below the upward trendline that started last November 4th, the pair manages to stop losing in the afternoon of the American trading session.
Data recap
Earlier today, the US released economic data that evidenced mixed results. MBA mortgage applications were -7.0% vs. prior 6.4%. The CB leading indicator (MoM) for September was 0.7% vs. expected 0.6%. The EIA Crude oil stocks change was 1.5777M vs. estimates at 1.7000M.
NZD/USD Technical Levels
Technically speaking, hourly charts evidence a strong retracement from the 0.84 zone. Extending the bearish channel that started earlier today, the pair is offered at 0.8382 and oscillates between the supports aligned at 0.8355 (October 22nd lows), 0.8313 (November 4th highs) followed by 0.8270 (October 25th lows) and the resistances set at 0.84 (September 18th highs), 0.8444 (October 23rd highs) ahead of 0.8512 (October 18th highs). Breaking below the upward trendline that started last November 4th, the pair manages to stop losing in the afternoon of the American trading session.