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Forex: NZD/USD climbs to 0.8069

By FXstreet.com,  August 15, 2012, 10:06:00 AM EDT

FXstreet.com (Barcelona) - After playing second fiddle to the greenback for most of the European session, the kiwi staged a rapid comeback on the heels of a string of the US data releases Wednesday. Having traded as low as 0.8037 (intraday minimum), the NZD/USD is now operating in firmly in positive territory, inking a gain of +0.18% today.

In the United States, Industrial Production (MoM) rose +0.6% in July, compared with consensus expectations of only +0.5% and +0.1% in the previous month. Moreover, Capacity Utilization has marked a gain of 79.3% in July, beating estimates of only 79.2%. Finally, the NAHB Housing Market Index yielded a figure of 37 in August, against projections of 35.

Presently the NZD/USD has settled in the region of 0.8069 and according to the analyst team at ICN.com, the next resistances can be found at 0.8090, 0.8141, and 0.8168. On the descent, supportive measures will be enabled after crossing the threshold of 0.8012, followed by 0.7985, and finally 0.7934.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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