15 Jan 2014
NZD/USD losing grip?
FXstreet.com (Guatemala) - NZD/USD has recovered slightly within the steep descending channel marking a small bounce piercing the resistance line.
NZD/USD is one of the worst performers on the dollar and given the recent set of Retail Sales that boosted the greenback, the pair is struggling despite the poor show from Fridays Non Farm Payrolls. Yesterday, the quarterly survey of business opinion revealed the expected bounce in confidence from +38 to +52, with activity the strongest in decades (suggesting GDP of 3.8%/yr) despite widespread expectations of higher interest rates (70% of respondents) and the strong NZD. Separately, credit card spending rose +0.6%/mth in Dec, capping a solid Q4 for consumer spending. All NZD supportive.
NZD/USD Levels
The 20 DMA is 0.8231, the 50 DMA is 0.8244 and the 200 DMA is 0.8154. RSI (14) reads 53.08. Supports are ascending from 0.8232, 0.8276, 0.8320 and 0.8336. Spot is 0.8376, 0.8415, 0.8446, 0.8478 and 0.8544.
NZD/USD is one of the worst performers on the dollar and given the recent set of Retail Sales that boosted the greenback, the pair is struggling despite the poor show from Fridays Non Farm Payrolls. Yesterday, the quarterly survey of business opinion revealed the expected bounce in confidence from +38 to +52, with activity the strongest in decades (suggesting GDP of 3.8%/yr) despite widespread expectations of higher interest rates (70% of respondents) and the strong NZD. Separately, credit card spending rose +0.6%/mth in Dec, capping a solid Q4 for consumer spending. All NZD supportive.
NZD/USD Levels
The 20 DMA is 0.8231, the 50 DMA is 0.8244 and the 200 DMA is 0.8154. RSI (14) reads 53.08. Supports are ascending from 0.8232, 0.8276, 0.8320 and 0.8336. Spot is 0.8376, 0.8415, 0.8446, 0.8478 and 0.8544.