19 Sep 2013
NZD/USD breaks through limits on NZ GDP data; targets 0.84 zone
FXstreet.com (Chicago) - NZD/USD soared at the released of better than expected GDP results. Beaten up, the dollar continues giving in grounds against the kiwi prior to the opening of Tokyo.
NZD GDP upbeat
Price action reveals heavy buying shortly after the release of NZ GDP results at 2.5% (YoY) for the second quarter of the year against estimates at 2.1% and previous 2.4%. Monthly results were 0.2% vs. past 0.3% and projections at 0.1%.
NZD/USD Technical Levels
Bulls outweighed bears and sent the pair to rally breaking through resistances aligned at 0.8352 (May 9th lows). Now facing subsequent resistances at 0.8383 (April 21st lows) and 0.8430 (May 1st lows), price continues going up and is offered at 0.8368. On the downside, supports are set at 0.8309 (May 14th highs), 0.8267 (May 17th highs) followed by 0.8214 (September 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and respects the upward trendline since last August 30th reversal day.
NZD GDP upbeat
Price action reveals heavy buying shortly after the release of NZ GDP results at 2.5% (YoY) for the second quarter of the year against estimates at 2.1% and previous 2.4%. Monthly results were 0.2% vs. past 0.3% and projections at 0.1%.
NZD/USD Technical Levels
Bulls outweighed bears and sent the pair to rally breaking through resistances aligned at 0.8352 (May 9th lows). Now facing subsequent resistances at 0.8383 (April 21st lows) and 0.8430 (May 1st lows), price continues going up and is offered at 0.8368. On the downside, supports are set at 0.8309 (May 14th highs), 0.8267 (May 17th highs) followed by 0.8214 (September 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and respects the upward trendline since last August 30th reversal day.