11 Nov 2013
NZD/USD bolsters on upbeat NZD retail card sales
FXstreet.com (Athens) – The NZD/USD has been trading to the upper level since the early start of the Asian trading session, mainly due to the upbeat NZD data but also due to the strong uprise of the NZD crosses.
NZD/USD eyes 0.8300; NZD crosses gains coupled with solid electronic card retail sales boosted the demand for the kiwi
The NZD/USD has been trading higher since the Wellington trading session – apart from the last hour - mainly due to a couple of reasons; first of all, the continuation of solid data regarding the New Zealand strengthens the appeal of the bird; briefly, the electronic retail card sales had risen significantly 1.4% on a monthly adjusted basis, while the corresponding rise regarding the annual data was released up 7% from 3.5% the previous one. In addition to the boosting data, the most durable flow to the kiwi seems to be nothing more, but the leveraged sell off of the AUD/NZD on behalf of hedge funds. The massive sell off of the later cross, alongside with the solid rise of the NZD/JPY, bolstered the NZD/USD at higher levels.
Technical Perspectives on the NZD/USD
The first support levels pertaining to the kiwi, reside at the Friday’s low at 0.8224 and slightly higher at the 55-daily SMA at 0.8226. Therefore the junction of the area of the 8th November low as of 0.8226 – 0.8226 (55-day SMA), serve as a solid initial support. Upwards, the cross should initially overcome the handle of the 0.8294 (10-daily SMA), in order to be closer to the next target of the 0.8308 (7th November low).
NZD/USD eyes 0.8300; NZD crosses gains coupled with solid electronic card retail sales boosted the demand for the kiwi
The NZD/USD has been trading higher since the Wellington trading session – apart from the last hour - mainly due to a couple of reasons; first of all, the continuation of solid data regarding the New Zealand strengthens the appeal of the bird; briefly, the electronic retail card sales had risen significantly 1.4% on a monthly adjusted basis, while the corresponding rise regarding the annual data was released up 7% from 3.5% the previous one. In addition to the boosting data, the most durable flow to the kiwi seems to be nothing more, but the leveraged sell off of the AUD/NZD on behalf of hedge funds. The massive sell off of the later cross, alongside with the solid rise of the NZD/JPY, bolstered the NZD/USD at higher levels.
Technical Perspectives on the NZD/USD
The first support levels pertaining to the kiwi, reside at the Friday’s low at 0.8224 and slightly higher at the 55-daily SMA at 0.8226. Therefore the junction of the area of the 8th November low as of 0.8226 – 0.8226 (55-day SMA), serve as a solid initial support. Upwards, the cross should initially overcome the handle of the 0.8294 (10-daily SMA), in order to be closer to the next target of the 0.8308 (7th November low).