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Forex: NZD/USD trading at 0.8389/90 after failed attempt at 0.8400

By FXstreet.com,  January 09, 2013, 03:21:00 AM EDT

FXstreet.com (Barcelona) - The NZD/USD has sprung forward during European trading Wednesday, buoyed by risk appetite across the board. After briefly touching the 0.8400 level, incidentally the session high and calculated resistance, the pair has eased slightly towards 0.8389/90, whereby recording a +0.28% gain on the day.

Later tonight at 21:45 GMT, investors will be greeted by myriad NZ economic indicators, including the imports, exports, and trade balance statistics for the November quarter.

According to Research Analyst Gareth Berry at UBS, "Our NZ economist does not expect an RBNZ rate hike until June, but we see some scope for Governor Wheeler to express concern about rapidly rising house prices - comments, which if they materialize would likely be NZD supportive."

Briefing the technical levels, the technical team at Mataf.net calculates the next resistances to trigger at 0.8401, onto 0.8421, and ultimately 0.8455. Should its fortunes reverse today, the NZD/USD is slated to face short-term calculated support at 0.8347, then 0.8313, and finally 0.8293.




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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