24 Sep 2013
NZD/USD cruising at 0.8370, 5-month peaks
FXstreet.com (Barcelona) - NZD/USD extends sideways price movement prior to Tokyo’s opening and after a weak journey for the USD ever since the FOMC-inspired sell-off in the currency last week.
There is work to be done in the US
Earlier in the US, published results were mixed with the Markit Manufacturing PMI for September at 51.1 vs. past 51.4 and expected 51.8. The Chicago Fed National Activity Index was 0.14 vs. past -0.43 and Fed’s Lockhart and Dudley’ spoke about the Fed decision and the US economic outlook and possible monetary adjustments. Wall Street closed with losses amid bearish pronouncements. In New Zealand, market participants wait for trade balance results later in the day.
NZD/USD Technical Levels
Price action reveals the stalling of a pair that maintains 5-month peaks, extending the upward trendline that originated last August 30th. The pair was capped at strong 0.8383 resistance but sustained gains to accumulate over 736 pips this month for a formidable +801 pips quarter. Offered at 0.8371, the pair oscillates between supports aligned at 0.8352 (September 19th lows), 0.83 (May 14th highs) followed by 0.8267 (May 17th highs) and resistances set at 0.8383 (September 23rd highs) followed by 0.8430 (April 30th lows) and 0.8473 (May 1st highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.
There is work to be done in the US
Earlier in the US, published results were mixed with the Markit Manufacturing PMI for September at 51.1 vs. past 51.4 and expected 51.8. The Chicago Fed National Activity Index was 0.14 vs. past -0.43 and Fed’s Lockhart and Dudley’ spoke about the Fed decision and the US economic outlook and possible monetary adjustments. Wall Street closed with losses amid bearish pronouncements. In New Zealand, market participants wait for trade balance results later in the day.
NZD/USD Technical Levels
Price action reveals the stalling of a pair that maintains 5-month peaks, extending the upward trendline that originated last August 30th. The pair was capped at strong 0.8383 resistance but sustained gains to accumulate over 736 pips this month for a formidable +801 pips quarter. Offered at 0.8371, the pair oscillates between supports aligned at 0.8352 (September 19th lows), 0.83 (May 14th highs) followed by 0.8267 (May 17th highs) and resistances set at 0.8383 (September 23rd highs) followed by 0.8430 (April 30th lows) and 0.8473 (May 1st highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis with a neutral EMA20.