31 Oct 2013
NZD/USD still lower for the session despite bounce off the lows. A sellable bounce?
FXstreet.com (Barcelona) - The NZD/USD sold off following the Reserve Bank of New Zealand’s interest rate decision and accompanying commentary. The kiwi has bounced off the session lows but may be poised for another downside try following lower than expected business confidence data.
NZD/USD traders to focus on US data later on this session
The NZD/USD cross took a fairly sharp dive following the RBNZ’s decision to leave interest rates unchanged – perhaps a reflection of some built-in expectations of more hawkishness from the bankers. Technicians say the upside off the session lows may have been a corrective bounce leading up to more downside – only time will tell.
During Thursday’s session, NZD/USD traders will be reacting to US Weekly Jobless Claims and Chicago PMI.
Technical outlook for NZD/USD
Technicians say NZD/USD is facing very short-term “correction resistance” of 0.8263. Above that comes additional resistance at Wednesday’s high of 0.8280. Support for the cross comes in at the “correction support” and downside target for this move at 0.8220.
NZD/USD traders to focus on US data later on this session
The NZD/USD cross took a fairly sharp dive following the RBNZ’s decision to leave interest rates unchanged – perhaps a reflection of some built-in expectations of more hawkishness from the bankers. Technicians say the upside off the session lows may have been a corrective bounce leading up to more downside – only time will tell.
During Thursday’s session, NZD/USD traders will be reacting to US Weekly Jobless Claims and Chicago PMI.
Technical outlook for NZD/USD
Technicians say NZD/USD is facing very short-term “correction resistance” of 0.8263. Above that comes additional resistance at Wednesday’s high of 0.8280. Support for the cross comes in at the “correction support” and downside target for this move at 0.8220.