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22 Oct 2013
NZD/USD under slight pressure ahead of NFP
FXstreet.com (Athens) – The NZD/USD has been trading consistently downwards since the kick off of the Wellington trading opening session, as market participants focus on NFP data.
The NZD/USD is under pressure on the early European trading session ahead of US NFP data. The downtrend shift of the cross can be attributed to a couple of factors; investors should bear in mind, that traders have already closed their positions pertaining to the greenback on profit taking but also ahead of NFP data. Apart from the today’s “Super Tuesday’s NFP’s” which is a reminiscent as of the usual NFP Fridays’, we could also mention that the “kiwi” is generally depreciating across the board, as the investors anticipate that finally RBNZ will not raise the rate, as the new adopted macro prudential tools in combination with the overvalued “kiwi”, will stop inflation pressures.
Technical Aspects on the NZD/USD
At the time of writing the pair is trading at 0.8447, down 0.02%. 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. What’s more, the high as of 2013 at 86.76, is also in the vicinity in a longer term approach. Last but not least, an NFP release above 200k will strengthen the greenback, dragging the cross downwards and
The NZD/USD is under pressure on the early European trading session ahead of US NFP data. The downtrend shift of the cross can be attributed to a couple of factors; investors should bear in mind, that traders have already closed their positions pertaining to the greenback on profit taking but also ahead of NFP data. Apart from the today’s “Super Tuesday’s NFP’s” which is a reminiscent as of the usual NFP Fridays’, we could also mention that the “kiwi” is generally depreciating across the board, as the investors anticipate that finally RBNZ will not raise the rate, as the new adopted macro prudential tools in combination with the overvalued “kiwi”, will stop inflation pressures.
Technical Aspects on the NZD/USD
At the time of writing the pair is trading at 0.8447, down 0.02%. 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. What’s more, the high as of 2013 at 86.76, is also in the vicinity in a longer term approach. Last but not least, an NFP release above 200k will strengthen the greenback, dragging the cross downwards and