7 Feb 2014
NZD/USD extending a descending grind
FXStreet (Guatemala) - NZD/USD is extending the move lower from the 0.8280 area and testing the downside further heading in for 0.8230 territory.
Now attention with avert towards tomorrow’s data from the US. Strategists at TD Securities noted that we might still get some volatility around the NFP data…”but the overall message from this week’s data is that the Fed will keep its toe on the taper brake for now”. Rabobank analysts explained, “Friday’s release of the US January labour market data is widely expected to indicate that the disappointingly weak December data was an anomaly. Non-farm payrolls grew at just 74K in December, the market consensus for January stands at a healthier 180K”. Meanwhile strategists at RBS explained softening growth indicators should reinforce the Fed's commitment to providing lower for longer and enhance the credibility of its forward guidance.
NZD/USD Levels
The 20 DMA is 0.8261, the 50 DMA is 0.8238 and the 200 DMA is 0.8134. RSI (14) reads 35.86. Supports are ascending from 0.8100, 0.8138, 0.8163, 0.8187and 0.8235. Spot is 0.8240 while resistances are 0.8287, 0.8305 and 0.8346.
Now attention with avert towards tomorrow’s data from the US. Strategists at TD Securities noted that we might still get some volatility around the NFP data…”but the overall message from this week’s data is that the Fed will keep its toe on the taper brake for now”. Rabobank analysts explained, “Friday’s release of the US January labour market data is widely expected to indicate that the disappointingly weak December data was an anomaly. Non-farm payrolls grew at just 74K in December, the market consensus for January stands at a healthier 180K”. Meanwhile strategists at RBS explained softening growth indicators should reinforce the Fed's commitment to providing lower for longer and enhance the credibility of its forward guidance.
NZD/USD Levels
The 20 DMA is 0.8261, the 50 DMA is 0.8238 and the 200 DMA is 0.8134. RSI (14) reads 35.86. Supports are ascending from 0.8100, 0.8138, 0.8163, 0.8187and 0.8235. Spot is 0.8240 while resistances are 0.8287, 0.8305 and 0.8346.