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12 Sep 2013
NZD/USD nears Elliott Wavers’ 0.8141 correction resistance ahead of Wheeler speech
FXstreet.com (Barcelona) - The RBNZ’s Governor Wheeler will be delivering a speech early Thursday that promises to give the NZD/USD either the fuel to break through resistance or the reason to reverse lower.
NZD/USD traders set to get the story right from New Zealand’s main man
In just a few hours NZD/USD traders will get to react to the Reserve Bank of New Zealand’s Governor Wheeler as he gives the RBNZ’s updated take on the global economy in general and New Zealand’s economy in particular. Obviously, he will also be touching on the RBNZ’s likely policy stance for the foreseeable future.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for NZD/USD
Elliott Wave technicians note that the NZD/USD is at a major technical crossroads at 0.8141. A close above that “correction resistance” level will force the bears out of their short positions and press the action even further to the upside. The next projected targets based on Elliott Wave Theory and Fibonacci projections are 0.8300 and 0.8399. Support for NZD/USD comes in at 0.8036 and 0.7960.
NZD/USD traders set to get the story right from New Zealand’s main man
In just a few hours NZD/USD traders will get to react to the Reserve Bank of New Zealand’s Governor Wheeler as he gives the RBNZ’s updated take on the global economy in general and New Zealand’s economy in particular. Obviously, he will also be touching on the RBNZ’s likely policy stance for the foreseeable future.
Later on Thursday, weekly jobless claims and import/export prices will be released in the U.S. – which along with ongoing Syria chatter will determine the relative strength of the US Dollar.
Technical outlook for NZD/USD
Elliott Wave technicians note that the NZD/USD is at a major technical crossroads at 0.8141. A close above that “correction resistance” level will force the bears out of their short positions and press the action even further to the upside. The next projected targets based on Elliott Wave Theory and Fibonacci projections are 0.8300 and 0.8399. Support for NZD/USD comes in at 0.8036 and 0.7960.