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14 Aug 2013
NZD/USD attempting to test 0.80 resistance post-NZ retail sales
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at fresh session highs 0.7990 following better than expected retail sales data in New Zealand, posting a +1.7% increase when 1.25% was expected.
NZD/USD in consolidation mode
Despite current impulse from recent weekly lows at 0.7935 on positive domestic data the NZD/USD pair still remains a -0.74% lower for the week so far. According to Westpac analyst Imre Speizer: “NZD/USD remains in consolidation mode, the most likely catalyst for a break outside the 0.7685-0.8135 range being the Fed's decision on tapering.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at recent weekly lows 0.7935, followed by July 24 lows at 0.7907, and July 22 lows at 0.7878. To the upside, closest resistance shows at recent session highs/Monday's London session lows 0.7991, followed by daily highs at 0.8009, and July 31 highs at 0.8018.
NZD/USD in consolidation mode
Despite current impulse from recent weekly lows at 0.7935 on positive domestic data the NZD/USD pair still remains a -0.74% lower for the week so far. According to Westpac analyst Imre Speizer: “NZD/USD remains in consolidation mode, the most likely catalyst for a break outside the 0.7685-0.8135 range being the Fed's decision on tapering.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at recent weekly lows 0.7935, followed by July 24 lows at 0.7907, and July 22 lows at 0.7878. To the upside, closest resistance shows at recent session highs/Monday's London session lows 0.7991, followed by daily highs at 0.8009, and July 31 highs at 0.8018.