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26 Aug 2013
NZD/USD is trading higher on weak US data
FXstreet.com (Athens) - Despite the fact that there was a heavy liquidation of ‘Kiwi’ across the board, the NZD/USD was driven upwards on dismal US durable goods orders.
Taper speculation has become US data-centric.
The ‘kiwi’ gained solid ground against the ‘greenback’, immediately after the release of US durable goods orders data. Durable goods orders, a proxy for larger scale consumption (appliances, automobiles, etc.) fell by nearly twice as anticipated, a sign that the uptick in interest rates is hurting an economy struggling to gain traction in positive growth territory. Despite NZD was the worst performer against the dollar the previous week, due to fading hopes for early RBNZ tightening, ‘kiwi’ gained almost 50 pips after the disappointing release of US data-centric.
Technical outlook on NZD/USD
At the time of writing, the pair is trading at 0.7862 area, up 0.72% and very near its daily highs (0.7875). The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.7733, 0.7713, 0.7694 and resistance at 0.7831, 0.7850 and 0.7870, respectively.
Taper speculation has become US data-centric.
The ‘kiwi’ gained solid ground against the ‘greenback’, immediately after the release of US durable goods orders data. Durable goods orders, a proxy for larger scale consumption (appliances, automobiles, etc.) fell by nearly twice as anticipated, a sign that the uptick in interest rates is hurting an economy struggling to gain traction in positive growth territory. Despite NZD was the worst performer against the dollar the previous week, due to fading hopes for early RBNZ tightening, ‘kiwi’ gained almost 50 pips after the disappointing release of US data-centric.
Technical outlook on NZD/USD
At the time of writing, the pair is trading at 0.7862 area, up 0.72% and very near its daily highs (0.7875). The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 0.7733, 0.7713, 0.7694 and resistance at 0.7831, 0.7850 and 0.7870, respectively.