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29 Aug 2014
NZD/USD: Topside failure 0.84+
FXStreet (Bali) - NZD/USD has seen a coupled of topside failure above the 0.84 handle during Aug 28, the last being driven as low as 0.8365 before a mild bounce following safe haven flows picking up on heightened geo-political risks.
New Zealand just released data related to building consents for July, coming at +0.1% m/m vs +1.0% expected and +3.5% last. According to business indicators manager Neil Kelly said, from Statistics New Zealand, "the trend for new dwellings has more than doubled since March 2011, but is still 26 percent below the series peak in January 2004.”
Technically, Jim Langlands, Founder at FXCharts, notes: "Currently sitting on the 200 HMA, this could act as a magnate today but if we do head higher, a break of 0.8410 would likely see some minor stops getting triggered which could take the Kiwi on to 0.8430 (23.6% of 0.8514/0.8310) but at this stage seems unlikely. The downside will find bids at the 100 HMA at 0.8357, below which could head towards 0.8320/25."
New Zealand just released data related to building consents for July, coming at +0.1% m/m vs +1.0% expected and +3.5% last. According to business indicators manager Neil Kelly said, from Statistics New Zealand, "the trend for new dwellings has more than doubled since March 2011, but is still 26 percent below the series peak in January 2004.”
Technically, Jim Langlands, Founder at FXCharts, notes: "Currently sitting on the 200 HMA, this could act as a magnate today but if we do head higher, a break of 0.8410 would likely see some minor stops getting triggered which could take the Kiwi on to 0.8430 (23.6% of 0.8514/0.8310) but at this stage seems unlikely. The downside will find bids at the 100 HMA at 0.8357, below which could head towards 0.8320/25."