7 Nov 2013
EUR/NZD higher as kiwi tracks the undeperfroming Aussie
FXstreet.com (Athens) – While the EUR/NZD is under a very light pressure in the wake of the European trading session, it had been mostly moving to the upper level overnight due to the sharp fall of the Australian dollar.
EUR/NZD pares a slight portion of its gains on European opening ahead of ECB
The EUR/NZD was driven sharply upwards overnight as the dismal Australian labor data weakened its Antipodean counter-part across the board, thus, the kiwi which tracks the Aussie trend shift behavior moved also sharply downwards. Therefore, the cross found itself climbing from 1.6124 (at the kick off of the Wellington trading session) to 1.6184 at the end of the Asian trading session, i.e. roughly 60 pips gain. However, since the start of the European session due partly to profit-taking as well as ahead of the looming ECB’s meeting, the cross is under a slight correction mode, hovering now at 1.6160 area.
Technical Aspects on the EUR/NZD
At the time of writing the EUR/NZD is trading at 1.6160, up 0.16%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.6016, 1.5976, 1.5936, and resistance at 1.6165, 1.6205 and 1.6245, respectively.
EUR/NZD pares a slight portion of its gains on European opening ahead of ECB
The EUR/NZD was driven sharply upwards overnight as the dismal Australian labor data weakened its Antipodean counter-part across the board, thus, the kiwi which tracks the Aussie trend shift behavior moved also sharply downwards. Therefore, the cross found itself climbing from 1.6124 (at the kick off of the Wellington trading session) to 1.6184 at the end of the Asian trading session, i.e. roughly 60 pips gain. However, since the start of the European session due partly to profit-taking as well as ahead of the looming ECB’s meeting, the cross is under a slight correction mode, hovering now at 1.6160 area.
Technical Aspects on the EUR/NZD
At the time of writing the EUR/NZD is trading at 1.6160, up 0.16%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.6016, 1.5976, 1.5936, and resistance at 1.6165, 1.6205 and 1.6245, respectively.