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17 Sep 2013
NZD/USD conquers 0.8141 correction resistance despite late day pullback
FXstreet.com (Barcelona) - The gap up Monday morning was big enough so that the NZD/USD was able to close above short-term “correction resistance” at 0.8141 even as the cross finished near session lows.
NZD/USD trading action to be driven by US news / data until Wednesday
After Monday’s rather disappointing (for the NZD/USD bulls) late day trading action (due to the DXY’s resurgence after the Yellen trade lost its shine), it will be interested to see if NZD/USD can hold up above the breakout level at 0.8141.
Tuesday, traders will get to react to US CPI data as well as continued Fed chatter.
Technical outlook for NZD/USD
Technicians say the close above 0.8141 was bullish and that the next resistance will be 0.8300 and is followed up by 0.8399 – both numbers are Fibonacci projections. Support for NZD/USD comes in at the lower edge of Monday’s gap / Friday’s close at 0.8132.
NZD/USD trading action to be driven by US news / data until Wednesday
After Monday’s rather disappointing (for the NZD/USD bulls) late day trading action (due to the DXY’s resurgence after the Yellen trade lost its shine), it will be interested to see if NZD/USD can hold up above the breakout level at 0.8141.
Tuesday, traders will get to react to US CPI data as well as continued Fed chatter.
Technical outlook for NZD/USD
Technicians say the close above 0.8141 was bullish and that the next resistance will be 0.8300 and is followed up by 0.8399 – both numbers are Fibonacci projections. Support for NZD/USD comes in at the lower edge of Monday’s gap / Friday’s close at 0.8132.