11 Jul 2013
NZD/USD surges to 0.7930, huge USD squeeze...
FXstreet.com (Barcelona) - The NZD/USD price series continues to go ballistic, rising through 0.79 barrier to print multi-week highs in the early Asian trade, as the nasty USD squeeze post Bernanke's dovish tone follows its course.
Traders shrug off weaker Business NZ PMI
The Business NZ PMI released by the Business NZ presented significantly softer business conditions in New Zealand, with the index declining from 54.7 vs 59.2, however, that did not matter at all, as the market0s full attention now appears to be on pricing out the inflated expectations of a 'Septaper' or reduction on the Fed asset purchases by September.
NZD/USD technical outlook turns bullish near term
In view of Jim Langlands, Founder at FXCharts, "Continue to use the channel as a guide – parameters are at 0.7885/0.7500. On the downside, near term support will arrive at 0.7750, 0.7700 and 0.7682 (24 June low.). If we head above 0.7885 expect a run towards 0.7900/10 which should prove strong, but beyond there would take us on to 0.7950 and possibly 0.8000."
Traders shrug off weaker Business NZ PMI
The Business NZ PMI released by the Business NZ presented significantly softer business conditions in New Zealand, with the index declining from 54.7 vs 59.2, however, that did not matter at all, as the market0s full attention now appears to be on pricing out the inflated expectations of a 'Septaper' or reduction on the Fed asset purchases by September.
NZD/USD technical outlook turns bullish near term
In view of Jim Langlands, Founder at FXCharts, "Continue to use the channel as a guide – parameters are at 0.7885/0.7500. On the downside, near term support will arrive at 0.7750, 0.7700 and 0.7682 (24 June low.). If we head above 0.7885 expect a run towards 0.7900/10 which should prove strong, but beyond there would take us on to 0.7950 and possibly 0.8000."