Back
10 Sep 2013
NZD/USD builds on recent gains
FXstreet.com (Athens)- The NZD/USD managed not only to consolidate itself above 0.8050 area, but hit also hit a fresh 3-week high.
The NZD/USD heading upwards hitting a fresh 3-week high
The “kiwi” boosted itself in Tuesday’s Asian’s trading session, on a couple of reasons, mainly due to the “aussie” strengthening as well as on the “risk-on” sentiment. What’s more, one of most important trading partners of New Zealand, China, has come through its soft spot and Japanese growth seems to have genuinely turned a corner for now. In addition to the above, it seems that we are ahead of an international compromise in Syria, as news wires across the globe suggest that “Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating.” Last but not least, one crucial factor that leaded much higher the pair, seems to be the model induced buying of AUD/USD coupled with NZD/JPY, which ultimately broke through topside figure resistance very quickly, sending the pair to the fresh 3-weeks high.
Technical Analysis on NZD/USD
Westpac Global Strategy Group suggests that “Kiwi should benefit from the recent slippage in Fed tapering expectations. NZD/USD remains consolidative, ranging between 0.77 and 0.82 during the past three months. The week ahead is busy with supportive NZ data so further upside is possible toward 0.82, though the RBNZ shouldn't be too hawkish.” At the time of writing, the pair is trading at 0.8040 area, up 0.23%. The FXstreet.com Trend Index shows the pair to be strongly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.7941, 0.7922, 0.7902 and resistance at 0.8084, 0.8104 and 0.8124 respectively.
The NZD/USD heading upwards hitting a fresh 3-week high
The “kiwi” boosted itself in Tuesday’s Asian’s trading session, on a couple of reasons, mainly due to the “aussie” strengthening as well as on the “risk-on” sentiment. What’s more, one of most important trading partners of New Zealand, China, has come through its soft spot and Japanese growth seems to have genuinely turned a corner for now. In addition to the above, it seems that we are ahead of an international compromise in Syria, as news wires across the globe suggest that “Syria welcomed Russian proposal to put its chemical weapons under international control and US military strike could be abating.” Last but not least, one crucial factor that leaded much higher the pair, seems to be the model induced buying of AUD/USD coupled with NZD/JPY, which ultimately broke through topside figure resistance very quickly, sending the pair to the fresh 3-weeks high.
Technical Analysis on NZD/USD
Westpac Global Strategy Group suggests that “Kiwi should benefit from the recent slippage in Fed tapering expectations. NZD/USD remains consolidative, ranging between 0.77 and 0.82 during the past three months. The week ahead is busy with supportive NZ data so further upside is possible toward 0.82, though the RBNZ shouldn't be too hawkish.” At the time of writing, the pair is trading at 0.8040 area, up 0.23%. The FXstreet.com Trend Index shows the pair to be strongly bullish on a 15 minutes timeframe. Daily pivot point support can be found at 0.7941, 0.7922, 0.7902 and resistance at 0.8084, 0.8104 and 0.8124 respectively.