7 Nov 2013
NZD/USD subdued by gravity pull close to 0.83 zone
FXstreet.com (Chicago) - NZD/USD continues trading key low after almost losing the 0.83 front on strong fall after the release of US data.
No NZ data was released today leaving the pair at the mercy of market participants’ reactions to US data releases. With mixed data, the path taken was that of the greenback’s strengthening ahead of Chinese data publications with potential effect on the pair’s price level.
NZD/USD Technical Levels
Price action reveals the pair remains subdued around 2-day lows after steep fall on greenback’s strengthening. Glued to immediate support, the pair accumulates 0.69% daily losses so far one hour away from Wall Street’s closing. Offered at 0.8317, the pair navigates between the supports aligned at 0.8313 (November 4th highs), 0.8270 (October 26th lows) followed by 0.8195 (October 30th lows) and the resistances aligned at 0.8355 (October 23rd lows), 0.84 (November 6th highs) followed by 0.8444 (October 24th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
No NZ data was released today leaving the pair at the mercy of market participants’ reactions to US data releases. With mixed data, the path taken was that of the greenback’s strengthening ahead of Chinese data publications with potential effect on the pair’s price level.
NZD/USD Technical Levels
Price action reveals the pair remains subdued around 2-day lows after steep fall on greenback’s strengthening. Glued to immediate support, the pair accumulates 0.69% daily losses so far one hour away from Wall Street’s closing. Offered at 0.8317, the pair navigates between the supports aligned at 0.8313 (November 4th highs), 0.8270 (October 26th lows) followed by 0.8195 (October 30th lows) and the resistances aligned at 0.8355 (October 23rd lows), 0.84 (November 6th highs) followed by 0.8444 (October 24th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.