14 Oct 2013
NZD/USD wipes out loses; targets 0.8330
FXstreet.com (Chicago) - NZD/USD bounced off from lows and attempts the consolidation of a reversal above the 0.8310 zone. After free-fall on weaker than expected Chinese results and ahead of more Asian data, the pair extends upward trendline since last Friday.
Data releases and Washington’s crisis
The pair merely changed on data releases with the performance services index for September at 55.6 vs. past 53.3. The US crisis continues despite proposals by republicans.
NZD/USD Technical Levels
Technically speaking, the pair respects the upward trendline on 4-HR charts that started last week. With a prolonged rectangular pattern formation throughout most of last week, more volatility may be expected depending on more Chinese data to come and the potential resolution of the Washington paralysis. With primary, secondary, short-term and intraday trends pointing up, the pair targets 0.8350. Offered at 0.8319, it oscillates between supports aligned at 0.8273 (October 8th lows), 0.8233 (October 10th lows) ahead of 0.8191 (October 2nd lows) and the resistances set at 0.8353 (October 11th highs), 0.8390 (September 22nd highs) followed by 0.8430 (September 18th highs).
Data releases and Washington’s crisis
The pair merely changed on data releases with the performance services index for September at 55.6 vs. past 53.3. The US crisis continues despite proposals by republicans.
NZD/USD Technical Levels
Technically speaking, the pair respects the upward trendline on 4-HR charts that started last week. With a prolonged rectangular pattern formation throughout most of last week, more volatility may be expected depending on more Chinese data to come and the potential resolution of the Washington paralysis. With primary, secondary, short-term and intraday trends pointing up, the pair targets 0.8350. Offered at 0.8319, it oscillates between supports aligned at 0.8273 (October 8th lows), 0.8233 (October 10th lows) ahead of 0.8191 (October 2nd lows) and the resistances set at 0.8353 (October 11th highs), 0.8390 (September 22nd highs) followed by 0.8430 (September 18th highs).