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18 Oct 2013
NZD/USD on a very gentle downtrend shift
FXstreet.com (Athens) – The NZD/USD has been trading at a very confined area since the kick off of the European trading session mostly due on profit taking.
NZD/USD caught amidst a soft downtrend momentum; China’s GDP, forthcoming RBNZ tightening support the “kiwi”
The NZD/USD has been trading higher in the kick off of the Asian trading session, as market participants still support the “kiwi” for a couple of reasons. First of all the underlying positive sentiment regarding “kiwi” remains intact, as the global feeling pertaining to New Zealand is that RBNZ will hike rates the first quarter as of 2014. Apart from the almost universal approach regarding RBNZ, “kiwi” was also supported by the data released by China. Briefly one of the major trading partners of New Zealand and the second largest economy all over the globe, grew by 7.8% the third quarter as of 2013, accelerating significantly from the previous one (7.5%). However, despite the RBNZ rate-hike expectations, the Chinese boosting data as well as the high prospect of a delayed US tapering, the “kiwi” retreated later on profit taking. All in all, the “kiwi” might also have overextended itself the recent weeks.
Technical Outlook on the NZD/USD
At the time of writing the pair is trading at 0.8473, down 0.07%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 0.8400, 0.8376, 0.8355, and resistance at 0.8560, 0.8582 and 0.8603, respectively. Last but not least apart from the above, traders should always bear in mind that the kiwi tracks the trend behavior of its Antipodean cousin, the “Aussie” therefore they should pay attention simultaneously at both of them. Traders should bear in mind both the support as of the 16th June low (0.8375) as well as the resistance as of the 0.8525 post 6 May high.
NZD/USD caught amidst a soft downtrend momentum; China’s GDP, forthcoming RBNZ tightening support the “kiwi”
The NZD/USD has been trading higher in the kick off of the Asian trading session, as market participants still support the “kiwi” for a couple of reasons. First of all the underlying positive sentiment regarding “kiwi” remains intact, as the global feeling pertaining to New Zealand is that RBNZ will hike rates the first quarter as of 2014. Apart from the almost universal approach regarding RBNZ, “kiwi” was also supported by the data released by China. Briefly one of the major trading partners of New Zealand and the second largest economy all over the globe, grew by 7.8% the third quarter as of 2013, accelerating significantly from the previous one (7.5%). However, despite the RBNZ rate-hike expectations, the Chinese boosting data as well as the high prospect of a delayed US tapering, the “kiwi” retreated later on profit taking. All in all, the “kiwi” might also have overextended itself the recent weeks.
Technical Outlook on the NZD/USD
At the time of writing the pair is trading at 0.8473, down 0.07%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15-minutes timeframe chart. Daily pivot point support can be found at 0.8400, 0.8376, 0.8355, and resistance at 0.8560, 0.8582 and 0.8603, respectively. Last but not least apart from the above, traders should always bear in mind that the kiwi tracks the trend behavior of its Antipodean cousin, the “Aussie” therefore they should pay attention simultaneously at both of them. Traders should bear in mind both the support as of the 16th June low (0.8375) as well as the resistance as of the 0.8525 post 6 May high.