14 Jul 2014
NZD/USD sustained above 0.88
FXStreet (Bali) - NZD/USD is presently trading at 0.8817, over 10 pip higher than its NY close, with the environment still range-bound between 0.8790/0.88 and 0.8840.
There will be no risk events impacting the pair in Asia today. The next economic indicator to keep an eye on out of New Zealand is due on Wednesday, when the NZ Q2 CPI will be published, expected to be 1.8% vs 1.5% last.
According to Jim Langlands, Founder at FXCharts: "An inline or above forecast result will see the Kiwi give the 0.8843 level a real test, above which would head to the top of the rising wedge resistance at around 0.8860 and then to the top of the long term channel, now at around 0.0.8910, where, if long, I would be taking profit and possibly going short."
Jim adds: "If the Kiwi heads back below 0.8800, then it could make for the recent low at 0.8781 where the rising trend support should initially hold it. A break though, would head down towards Fibo support at 0.8733 (23.6% of 0.8401/0.8835) and then to 0.8700. Below here would suggest 0.8670 (38.2%), but seems unlikely for a while."
There will be no risk events impacting the pair in Asia today. The next economic indicator to keep an eye on out of New Zealand is due on Wednesday, when the NZ Q2 CPI will be published, expected to be 1.8% vs 1.5% last.
According to Jim Langlands, Founder at FXCharts: "An inline or above forecast result will see the Kiwi give the 0.8843 level a real test, above which would head to the top of the rising wedge resistance at around 0.8860 and then to the top of the long term channel, now at around 0.0.8910, where, if long, I would be taking profit and possibly going short."
Jim adds: "If the Kiwi heads back below 0.8800, then it could make for the recent low at 0.8781 where the rising trend support should initially hold it. A break though, would head down towards Fibo support at 0.8733 (23.6% of 0.8401/0.8835) and then to 0.8700. Below here would suggest 0.8670 (38.2%), but seems unlikely for a while."