2 Sep 2013
NZD/USD soars on solid NZD data
FXstreet.com (Athens) - The NZD/USD is trading upwards on the weekly opening European session, on very encouraging New Zealand terms of trade.
The ‘kiwi’ gained solid ground against the ‘greenback’, on both solid NZD data as well as, due to the fact that worries about Syria strike ease. President Obama stated that he will ask for Congress to approve military action beforehand, therefore the threat of an imminent strike seems to have diminished, at least temporarily. What’s more, the NZD trade data released nearly 37-year high, thus New Zealand economy overcame successfully the global turmoil, or at least there has been no serious dent to confidence. US markets are closed for Labor Day, ahead of an otherwise busy calendar with ISM manufacturing due to be released tomorrow and the decisive August employment report on Friday.
Technical Outlook on NZD/USD
At the time of writing, the pair is trading at 0.7792 area, up 0.38%, The FXstreet.com Trend Index shows the pair to be slightly bearish, on a 15 minutes timeframe. Daily pivot point support can be found at 0.7733, 0.7713, 0.7694 and resistance at 0.7831, 0.7850 and 0.7870, respectively.
The ‘kiwi’ gained solid ground against the ‘greenback’, on both solid NZD data as well as, due to the fact that worries about Syria strike ease. President Obama stated that he will ask for Congress to approve military action beforehand, therefore the threat of an imminent strike seems to have diminished, at least temporarily. What’s more, the NZD trade data released nearly 37-year high, thus New Zealand economy overcame successfully the global turmoil, or at least there has been no serious dent to confidence. US markets are closed for Labor Day, ahead of an otherwise busy calendar with ISM manufacturing due to be released tomorrow and the decisive August employment report on Friday.
Technical Outlook on NZD/USD
At the time of writing, the pair is trading at 0.7792 area, up 0.38%, The FXstreet.com Trend Index shows the pair to be slightly bearish, on a 15 minutes timeframe. Daily pivot point support can be found at 0.7733, 0.7713, 0.7694 and resistance at 0.7831, 0.7850 and 0.7870, respectively.