9 Dec 2013
NZD/USD off highs following NZD data after gapping up on Chinese news
FXstreet.com (Barcelona) - The NZD/USD cross is giving some of the opening gains back early Monday after New Zealand manufacturing data were released. Chinese data and US Fed jawboning lie ahead.
NZD/USD traders eyeing Chinese inflation data and US Fed Heads for the rest of Monday
Chinese inflation data will be released at 01:30 GMT which may give the NZD/USD some additional short-term direction. However, the biggest question on global traders’ minds heading into the end of the year is whether the FOMC in the US will taper their QE spending in December (ahead of potential political fighting in the US) or whether they will wait for the all clear to be given politically before starting their “return to normalcy” efforts.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. The up move that has occurred since then has a chance at really taking off if the resistance at 0.8342 can be conquered. Below 0.8074, 0.7951 would be the next step lower. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451.
NZD/USD traders eyeing Chinese inflation data and US Fed Heads for the rest of Monday
Chinese inflation data will be released at 01:30 GMT which may give the NZD/USD some additional short-term direction. However, the biggest question on global traders’ minds heading into the end of the year is whether the FOMC in the US will taper their QE spending in December (ahead of potential political fighting in the US) or whether they will wait for the all clear to be given politically before starting their “return to normalcy” efforts.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. The up move that has occurred since then has a chance at really taking off if the resistance at 0.8342 can be conquered. Below 0.8074, 0.7951 would be the next step lower. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451.