• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - After reigning supreme last week, the kiwi has ran into a blockade of risk-averse behavior Tuesday, causing the NZD/USD to wane during European trading. The pair is firmly entrenched in negative territory at the time of writing, settling in the region of 0.8355/56.

At the time of writing, the NZD/USD has incurred a setback of -0.17% Tuesday. Briefing the technicals, Mark De La Paz, an analyst at FX Instructor, cites the following supports at 0.8344 onto 0.8312, and 0.8254. Conversely, a thrust above the 0.8402 level will trigger resistances at 0.8434, and ultimately 0.8492.

"Overall, the bias for NZDUSD is bullish with a Bullish Harami just above a strong support level. Moreover, there remains grounds for a low-level bullish reversal candlestick pattern that is seen as being in focus. The prudent course of action is to look for a confirming big white candlestick first before buying." De La Paz suggests.

Recently, in the EMU, Retail Sales (YoY) have contracted -2.6% in November, against consensus expectations of -2.7%. Moreover, Retail Sales (MoM) have grown only +0.1% in November, relative to projections of +0.3%. Unemployment Rate in the month of November was reported at 11.8%, consistent estimates of 11.8%. Finally, Consumer Confidence in December came in at -26.5, slightly beating a projected value of -26.6.

Related Forex and Currencies Articles

• 
  U.S stocks end mixed on manufacturing data; Dow gains 0.06%
  5/24/2013 01:25 PM
• 
  Forex - Dollar erases gains earned on factory data, dips as stocks rise
  5/24/2013 11:25 AM
• 
  Gold falls as order for U.S. durable goods surprise on upside
  5/24/2013 10:25 AM