15 Jan 2014
NZD/USD testing bids 0.8360/65
FXstreet.com (Bali) - On the back of a formidable bullish run so far this week, the NZD/USD broke yet failed to hold the level 0.84 during Tuesday.
US retail sales limits upside
While European traders succeeded to trip stop loss orders above the 0.84 handle, with the Kiwi largely benefited by AUD/NZD weakness, the US retail sales for Dec, up a modest 0.2%, caused a new vote of confidence towards the US Dollar, allowing the pair to retrace, with current price near Tuesday's low at 0.8360/65 support.
NZD/USD technicals
According to Jim Langlands, Founder at FXCharts: "The Kiwi looks as though the 4h indicators are turning lower and it maybe that we head back towards support at 0.8360 (23.6% of 0.8138/0.8431), below which would suggest 0.8320 (38.2%) and then 0.8300." The dailies remain positive though, so short term dips may be buying opportunities for another run above 0.8400 and a retest of 0.8435."
US retail sales limits upside
While European traders succeeded to trip stop loss orders above the 0.84 handle, with the Kiwi largely benefited by AUD/NZD weakness, the US retail sales for Dec, up a modest 0.2%, caused a new vote of confidence towards the US Dollar, allowing the pair to retrace, with current price near Tuesday's low at 0.8360/65 support.
NZD/USD technicals
According to Jim Langlands, Founder at FXCharts: "The Kiwi looks as though the 4h indicators are turning lower and it maybe that we head back towards support at 0.8360 (23.6% of 0.8138/0.8431), below which would suggest 0.8320 (38.2%) and then 0.8300." The dailies remain positive though, so short term dips may be buying opportunities for another run above 0.8400 and a retest of 0.8435."