5 Nov 2013
NZD/USD soars to 0.8368 peaks; +100 daily pips
FXstreet.com (Chicago) - NZD/USD was fueled by bulls reaching 0.8368 session highs shortly after the release of data in New Zealand.
Unemployment change was at 1.2% vs. expected 0.6% and prior 0.4%. The unemployment rate was 6.2% beating expectations at 6.3%.
NZD/USD Technical Levels
Price action revealed a strong positive reaction to data released in New Zealand with the pair breaking above immediate resistance at 0.8338 to reach 0.8366 session highs. On 4HR charts, an upward trendline is evidenced after double bottoms formation last Friday. Printing higher highs and lows and ahead of GDP data in the US due later this week, the pair is offered at 0.8358 and oscillates between the supports aligned at 0.8267 (October 25th lows), 0.8215 (November 1st lows) followed by 0.8150 (September 12th highs) and the resistances set at 0.8338 (October 28th highs), 0.84 (October 15th highs) followed by 0.8450 (October 24th).
Unemployment change was at 1.2% vs. expected 0.6% and prior 0.4%. The unemployment rate was 6.2% beating expectations at 6.3%.
NZD/USD Technical Levels
Price action revealed a strong positive reaction to data released in New Zealand with the pair breaking above immediate resistance at 0.8338 to reach 0.8366 session highs. On 4HR charts, an upward trendline is evidenced after double bottoms formation last Friday. Printing higher highs and lows and ahead of GDP data in the US due later this week, the pair is offered at 0.8358 and oscillates between the supports aligned at 0.8267 (October 25th lows), 0.8215 (November 1st lows) followed by 0.8150 (September 12th highs) and the resistances set at 0.8338 (October 28th highs), 0.84 (October 15th highs) followed by 0.8450 (October 24th).