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12 Sep 2013
NZD/USD extends sideways channel above 0.8120 zone
FXstreet.com (Chicago) - NZD/USD trades sideways above the 0.8120 zone after bouncing off 0.8113 session lows. The pair was pulled down after the release of weaker than expected Australian job market results but managed to pull back up after the RBNZ Governor Wheeler press conference.
Wheeler’s remarks
According to the NZ Governor, market participants should expect a 2.5% cash rate with raises next year. He also noted the global outlook remained mixed with Chinese and Australian GDP growth slowing down and a high kiwi.
NZD/USD Technical Levels
Price action reveals the pair extends the primary trend direction as it manages to maintain high levels (August 18th tops) despite retracing from 0.8150 zone. Offered at 0.8128, the pair fluctuates between supports at 0.8116 (June 16th highs), 0.8092 (August 19th lows) ahead of 0.8072 (August 16th lows) and resistances at 0.8136 (June 13th highs), 0.8161 (August 18th highs) followed by 0.8214 (May 22nd highs). Higher lows indicate the potential consolidation of a reversal after shortly-lived retracement. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.
Wheeler’s remarks
According to the NZ Governor, market participants should expect a 2.5% cash rate with raises next year. He also noted the global outlook remained mixed with Chinese and Australian GDP growth slowing down and a high kiwi.
NZD/USD Technical Levels
Price action reveals the pair extends the primary trend direction as it manages to maintain high levels (August 18th tops) despite retracing from 0.8150 zone. Offered at 0.8128, the pair fluctuates between supports at 0.8116 (June 16th highs), 0.8092 (August 19th lows) ahead of 0.8072 (August 16th lows) and resistances at 0.8136 (June 13th highs), 0.8161 (August 18th highs) followed by 0.8214 (May 22nd highs). Higher lows indicate the potential consolidation of a reversal after shortly-lived retracement. According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains above the EMA20.