31 Oct 2013
NZD/USD on trading range below 0.8250
FXstreet.com (Chicago) - NZD/USD continues trading low key despite attempts to fly higher. Market participants favored the greenback after the Fed maintained its monetary policy.
A few hours ago, the RBNZ released a 2.5% interest rate that matched expectations similarly to the US Fed that released a 0.25% rate. Manufacturing results are expected for what is left of the week in the US.
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8253 and oscillates between the supports aligned at 0.8215 (September 24th lows), 0.8150 (September 12th highs) ahead of 0.8056 (August 8th highs) while the upside prints resistances at 0.8267 (October 4th lows), 0.8338 (October 4th highs) ahead of 0.84 (October 11th highs). After bouncing off session lows, the pair attempts reversal but fails. Lower highs yet higher lows may be indicative of the formation of an ascending triangle which could lead to higher zones if materialized.
A few hours ago, the RBNZ released a 2.5% interest rate that matched expectations similarly to the US Fed that released a 0.25% rate. Manufacturing results are expected for what is left of the week in the US.
NZD/USD Technical Levels
Technically speaking, the pair is offered at 0.8253 and oscillates between the supports aligned at 0.8215 (September 24th lows), 0.8150 (September 12th highs) ahead of 0.8056 (August 8th highs) while the upside prints resistances at 0.8267 (October 4th lows), 0.8338 (October 4th highs) ahead of 0.84 (October 11th highs). After bouncing off session lows, the pair attempts reversal but fails. Lower highs yet higher lows may be indicative of the formation of an ascending triangle which could lead to higher zones if materialized.