24 Oct 2013
NZD/USD bounced off lows Wednesday but may be in for more downside; 0.8417 is ST resistance
FXstreet.com (Barcelona) - The NZD/USD took a beating Wednesday following the troubling credit news out of China. The cross is off Wednesday’s lows but may have run into a short-term ceiling at 0.8417.
NZD/USD traders to focus on US data Thursday
The NZD/USD cross was on a track to continue with the recent upside action until the unsettling news regarding massive write-offs of bad debt by China’s largest banks roiled markets Wednesday. Just about all Asia-Pacific non-Yen currencies took a hit on the news – including the NZD/USD.
During Thursday’s session, NZD/USD traders will be reacting to US Weekly Jobless Claims, US Manufacturing PMI, and US New Home Sales.
Technical outlook for NZD/USD
Technicians say NZD/USD is facing very short-term selling pressure at “correction resistance” of 0.8417. Above that comes additional resistance at Monday’s low of 0.8435. Support for the cross comes in at the October 4th high of 0.8350. However, Elliott Wave technicians say the real downside target comes in at 0.8231 “correction support”.
NZD/USD traders to focus on US data Thursday
The NZD/USD cross was on a track to continue with the recent upside action until the unsettling news regarding massive write-offs of bad debt by China’s largest banks roiled markets Wednesday. Just about all Asia-Pacific non-Yen currencies took a hit on the news – including the NZD/USD.
During Thursday’s session, NZD/USD traders will be reacting to US Weekly Jobless Claims, US Manufacturing PMI, and US New Home Sales.
Technical outlook for NZD/USD
Technicians say NZD/USD is facing very short-term selling pressure at “correction resistance” of 0.8417. Above that comes additional resistance at Monday’s low of 0.8435. Support for the cross comes in at the October 4th high of 0.8350. However, Elliott Wave technicians say the real downside target comes in at 0.8231 “correction support”.