27 Dec 2013
NZD/USD hovering above critical support at 0.8139 – unwilling to breakdown during holidays
FXstreet.com (Barcelona) - The NZD/USD is still between support and resistance but is now barely above key support at 0.8139.
NZD/USD traders will have to wait until next week for data drivers
NZD/USD traders will likely be in a holding pattern in terms of major moves until at least next week’s open and possibly until after the end of the year. Next week’s data will include Tuesday’s release of the US Chicago Purchasing Managers Index and US Consumer Confidence. There won’t be any market-moving data released out of New Zealand next week.
Technical outlook for NZD/USD
Technicians say the NZD/USD is likely headed for a test of support at 0.8139. If that level breaks, the next support level comes into play at the 11/29 low of 0.8083. Resistance comes into play for NZD/USD at last Friday’s high of 0.8223 and is backed up by the 12/16 high of 0.8287.
NZD/USD traders will have to wait until next week for data drivers
NZD/USD traders will likely be in a holding pattern in terms of major moves until at least next week’s open and possibly until after the end of the year. Next week’s data will include Tuesday’s release of the US Chicago Purchasing Managers Index and US Consumer Confidence. There won’t be any market-moving data released out of New Zealand next week.
Technical outlook for NZD/USD
Technicians say the NZD/USD is likely headed for a test of support at 0.8139. If that level breaks, the next support level comes into play at the 11/29 low of 0.8083. Resistance comes into play for NZD/USD at last Friday’s high of 0.8223 and is backed up by the 12/16 high of 0.8287.