10 Dec 2013
NZD/USD starts lower after indecision day Monday; 0.8342 resistance remains
FXstreet.com (Barcelona) - The NZD/USD bulls hope the cross is only pausing before more upside action commences. The finish off the highs Monday was not what they wanted to see, but it wasn’t disastrous technically either.
NZD/USD traders will have to rely on Chinese data Tuesday for directional help
With some better-than-expected New Zealand retail sales data in their back pocket and no meaningful US data due out, NZD/USD traders will have to rely on Chinese data later in Tuesday’s session to either confirm the positive vibe or put a damper on the bulls’ enthusiasm.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. Below 0.8074, 0.7951 would be the next step lower. The up move that has occurred since then has a chance at really taking off if the resistance at 0.8342 can be conquered. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451.
NZD/USD traders will have to rely on Chinese data Tuesday for directional help
With some better-than-expected New Zealand retail sales data in their back pocket and no meaningful US data due out, NZD/USD traders will have to rely on Chinese data later in Tuesday’s session to either confirm the positive vibe or put a damper on the bulls’ enthusiasm.
Technical outlook for NZD/USD
Elliott Wave technicians say the NZD/USD appears to have completed an ABC correction to the downside at approximately 0.8074 two weeks ago. Below 0.8074, 0.7951 would be the next step lower. The up move that has occurred since then has a chance at really taking off if the resistance at 0.8342 can be conquered. Resistance above 0.8342 comes in at the Fibonacci projections of 0.8409 and 0.8451.