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8 Oct 2013
NZD/USD not much changed due to US debt-ceiling woes
FXstreet.com (Athens) – The NZD/USD was slightly supported at the early Asian trading session, but soon erased its light gains as market participants seem to really got fed up with the US situation.
NZD/USD hit a high as of 0.8312 but soon pared its initial gains on the US default dominated woes
The NZD/USD started off the Asian trading session higher, breaking the barrier as of 0.8300 in overnight trading, mainly buoyed by general selling of the greenback. Soon as the little hope that the US government might find a solution on the debt-ceiling started to fade out, risk-on mode pushed the “snooze” button, therefore the “kiwi” pared all its earlier gains and retreated below 0.8300 area. As a matter of fact, traders should take upon major consideration that as long as the
the debt-ceiling is looming, the situation will probably getting more unsettled, thus the cross will find no space to move outside the tight area as of 0.8250-0.8350.
Technical Outlook on NZD/USD
Many analysts consider that the political drama show-off of the US debt ceiling is an “old hat story” and seems no political power – Republican or Democratic – wants to lead the US to another financial crisis, therefore the lawmakers will finally raise the debt-ceiling. Indeed, the issue might drag on a bit, but finally a solution will be reached till the 17th October as of 2013. At the time of writing the cross is trading at 0.8293, down 0.14%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes chart. Daily pivot point support and resistance can be found at S3: 0.8262 S2: 0.8241 S3:0.8220 R1: 0.8403 R2: 0.8424 R3: 0.8445
NZD/USD hit a high as of 0.8312 but soon pared its initial gains on the US default dominated woes
The NZD/USD started off the Asian trading session higher, breaking the barrier as of 0.8300 in overnight trading, mainly buoyed by general selling of the greenback. Soon as the little hope that the US government might find a solution on the debt-ceiling started to fade out, risk-on mode pushed the “snooze” button, therefore the “kiwi” pared all its earlier gains and retreated below 0.8300 area. As a matter of fact, traders should take upon major consideration that as long as the
the debt-ceiling is looming, the situation will probably getting more unsettled, thus the cross will find no space to move outside the tight area as of 0.8250-0.8350.
Technical Outlook on NZD/USD
Many analysts consider that the political drama show-off of the US debt ceiling is an “old hat story” and seems no political power – Republican or Democratic – wants to lead the US to another financial crisis, therefore the lawmakers will finally raise the debt-ceiling. Indeed, the issue might drag on a bit, but finally a solution will be reached till the 17th October as of 2013. At the time of writing the cross is trading at 0.8293, down 0.14%. The FXstreet.com Trend Index shows the pair to be strongly bearish in the 15 minutes chart. Daily pivot point support and resistance can be found at S3: 0.8262 S2: 0.8241 S3:0.8220 R1: 0.8403 R2: 0.8424 R3: 0.8445