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6 Sep 2013
NZD/USD, +150 pips gains maintained; targets 0.80 zone
FXstreet.com (Chicago) - NZD/USD tops winners with +150 pips gained so far for a formidable +360 pips gained this week. Ahead of the US Congress’ decision to attack Syria, the pair maintains 3-week peaks and targets 0.80 zone.
“Modest to moderate” results
In the US, a the “modest to moderate” recovery called on last Wednesday after the release of the Beige book results confirms its modesty with today’s nonfarm payroll results for August at 169K vs. past 104K and expected 180K. Unemployment rate, although 0.1% lower compared to last month, remains high at 7.4%. At the G20 Summit and ahead of Tuesday’s congressional decision on attacking Syria or not, the dollar gives in to a much stronger kiwi up 150 pips so far today.
NZD/USD Technical Levels
Price action reveals heaving buying at the opening of the Asian trading session that continued throughout the day until the 0.8025 daily high was achieved. The pair extends bullish momentum by respecting the medium term trend with higher lows confirming an upward trendline that started at the beginning of September. Trading at 0.7998, the pair is in consolidation phase despite a short-lived retracement and navigates between the supports aligned at 0.7989 (August 20th highs), 0.7979 (August 12th lows) ahead of 0.7940 (August 14th lows) and the resistances at 0.8018 (August 13th lows), 0.8052 (August 15th lows) followed by 0.8093 (August 18th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
“Modest to moderate” results
In the US, a the “modest to moderate” recovery called on last Wednesday after the release of the Beige book results confirms its modesty with today’s nonfarm payroll results for August at 169K vs. past 104K and expected 180K. Unemployment rate, although 0.1% lower compared to last month, remains high at 7.4%. At the G20 Summit and ahead of Tuesday’s congressional decision on attacking Syria or not, the dollar gives in to a much stronger kiwi up 150 pips so far today.
NZD/USD Technical Levels
Price action reveals heaving buying at the opening of the Asian trading session that continued throughout the day until the 0.8025 daily high was achieved. The pair extends bullish momentum by respecting the medium term trend with higher lows confirming an upward trendline that started at the beginning of September. Trading at 0.7998, the pair is in consolidation phase despite a short-lived retracement and navigates between the supports aligned at 0.7989 (August 20th highs), 0.7979 (August 12th lows) ahead of 0.7940 (August 14th lows) and the resistances at 0.8018 (August 13th lows), 0.8052 (August 15th lows) followed by 0.8093 (August 18th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.