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Forex: NZD/USD improves bullish picture; 0.8350 eyed

By FXstreet.com,  September 27, 2012, 07:21:00 PM EDT

FXstreet.com (Barcelona) - NZD/USD has been boosted almost 1% higher after financial markets greeted with a wild few hours of risk swings in the US the Spanish budget passage.

NZD/USD peaked at 0.8324, descending trendline from coming from Sept 14. On the fundamental front, NZ has reported Aug building consents up at 1.9%, slightly below the 2% reported in July.

Technicals are pointing for further gains ahead, with the Kiwi potentially benefiting from cross flows as AUD/NZD hits a fresh 22-week low of 1.2550, having broken a long-held ascending trendline in the process. Residual end-quarter flows may also help to do some upside work.

Clear break of dynamic trendline resistance exposes 08350 - Sept 14 high - ahead of 0.8400/20 - traffic congestion from February range highs -. On the downside, regain and close below 0.8215 - Aug 7 high - is necessary to improve the picture for bears.




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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