FXstreet.com (Barcelona) - The NZD/USD is rocketing upwards in the morning of American trading Tuesday as investors satiate their palates with kiwi. In the aftermath of some mixed US economic data the NZD/USD has broken resistance at 0.8258 (calculated by the Mataf.net analysts) and is trading in the region of 0.8275. At this level the pair has staunchly risen by a margin of +0.56% above its opening.
According to FX Analyst Fan Yang at FX Times, “The daily chart shows that the 0.8300-0.8318 area is acting resistance for a consolidation period from March through April, after finally breaking lower in early May. There seems to be resistance in this region again as the market failed to clear this area in the past week, and starts this week falling to a new low since the foray at the 0.8318 pivot. If we look at the previous consolidation area as a corollary, we can anticipate some support around the 0.8050-0.8075 area. This includes old consolidation support as well as other resistance/support pivots. A more aggressively outlook is down toward the 0.8000 handle or a test of the projected rising trendline.”
Having stormed through resistance at 0.8258, the technical analyst team at Mataf.net posits the next short term resistances at 0.8295 and 0.8333. Pending a decline or consequent downwards spiral, the pair will meet calculated support at 0.8183, then 0.8145, and finally 0.8108.
In the United States, Consumer Confidence was reported at 70.3 in the month of September, besting estimates of only 63.0, and up from the previous figure of 61.3. In addition, the Housing Price Index (MoM) grew at only +0.2% in July, missing expectations of +0.3%. Finally, the Richmond Fed Manufacturing Index yielded a result of 4.0 in September, clearly surprising investors amidst projections of -6.0 and compared with -9.0 in August. Later tonight at 22:45 GMT New Zealand is slated to release a cornucopia of trade balance indicators.
According to FX Analyst Fan Yang at FX Times, “The daily chart shows that the 0.8300-0.8318 area is acting resistance for a consolidation period from March through April, after finally breaking lower in early May. There seems to be resistance in this region again as the market failed to clear this area in the past week, and starts this week falling to a new low since the foray at the 0.8318 pivot. If we look at the previous consolidation area as a corollary, we can anticipate some support around the 0.8050-0.8075 area. This includes old consolidation support as well as other resistance/support pivots. A more aggressively outlook is down toward the 0.8000 handle or a test of the projected rising trendline.”
Having stormed through resistance at 0.8258, the technical analyst team at Mataf.net posits the next short term resistances at 0.8295 and 0.8333. Pending a decline or consequent downwards spiral, the pair will meet calculated support at 0.8183, then 0.8145, and finally 0.8108.
In the United States, Consumer Confidence was reported at 70.3 in the month of September, besting estimates of only 63.0, and up from the previous figure of 61.3. In addition, the Housing Price Index (MoM) grew at only +0.2% in July, missing expectations of +0.3%. Finally, the Richmond Fed Manufacturing Index yielded a result of 4.0 in September, clearly surprising investors amidst projections of -6.0 and compared with -9.0 in August. Later tonight at 22:45 GMT New Zealand is slated to release a cornucopia of trade balance indicators.
