Back
16 Sep 2013
NZD/USD crawls back to 0.8200
FXstreet.com (Chicago) - NZD/USD opened the Asian trading session strong after the public release of Larry Summers withdrawal from the Chairman of the Federal Reserve of the US position. Price action reveals a major runaway gap starting a week with high expectations for the dollar and the Fed.
Summers is out, who now?
Earlier in New Zealand, the Westpac consumer survey came in at 115.4 vs. past 116.6. The knee-jerk reaction triggered by the withdrawal of Larry Summers as a potential replacement for Bernanke’s replacement sent the pair to 0.8230 peaks on major dollar sell-off across the board. Speculations on Janet Yellen being the next best option now that Summers is gone indicate she may be the leading candidate.
NZD/USD Technical Levels
Price action reveals a wide gap at the opening of the Asian session. The pair advanced 0.94% for a strong start of the week ahead of the Fed’s tapering later this week. Offered at 0.82, the pair trades between supports at 0.8161 (August 16th highs), 0.8136 (June 12th highs) ahead of 0.8116 (August 18th highs) and resistances at 0.8214 (May 15th highs), 0.8267 (May 7th highs) followed by 0.83 (February 21st lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe and is offered above the EMA20.
Summers is out, who now?
Earlier in New Zealand, the Westpac consumer survey came in at 115.4 vs. past 116.6. The knee-jerk reaction triggered by the withdrawal of Larry Summers as a potential replacement for Bernanke’s replacement sent the pair to 0.8230 peaks on major dollar sell-off across the board. Speculations on Janet Yellen being the next best option now that Summers is gone indicate she may be the leading candidate.
NZD/USD Technical Levels
Price action reveals a wide gap at the opening of the Asian session. The pair advanced 0.94% for a strong start of the week ahead of the Fed’s tapering later this week. Offered at 0.82, the pair trades between supports at 0.8161 (August 16th highs), 0.8136 (June 12th highs) ahead of 0.8116 (August 18th highs) and resistances at 0.8214 (May 15th highs), 0.8267 (May 7th highs) followed by 0.83 (February 21st lows). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe and is offered above the EMA20.