Forex News: NZD/USD Holds Steady at New Zealand Trade Balance Surplus
THE TAKEAWAY:NZD Trade Balance (Dec) > $+486m versus $-105m expected, from $-700m > Technical Picture Still Grey For Kiwi > NZDUSD Neutral
The Kiwi continues its correction off 0.8275 lows, now extending as high as 0.8350 resistance, following improved trade balance data in New Zealand. New Zealand reported a $486 million trade surplus in December compared to Novembers $700 million. Markets expected a $105 million deficit. Exports were up to $407 billion versus $3.98 billion, while imports were down at $3.54 billion versus $4.07 billion.
The technical picture is still grey for the interest of longs Kiwi. Only a recovery and subsequent hold above the 0.8350 may shift the focus to round 0.84.
NZDUSD 1-minute Chart: January 28, 2013
Chart from FXCM Trading Station, created by Courtney Edwards
The NZD/USD held steady after New Zealand's trade balance rose more than expected. There was a 20 pip rise in the Kiwi as New Zealand reported the surplus.
--- Written by Courtney Edwards, DailyFX Research
The Kiwi continues its correction off 0.8275 lows, now extending as high as 0.8350 resistance, following improved trade balance data in New Zealand. New Zealand reported a $486 million trade surplus in December compared to Novembers $700 million. Markets expected a $105 million deficit. Exports were up to $407 billion versus $3.98 billion, while imports were down at $3.54 billion versus $4.07 billion.
The technical picture is still grey for the interest of longs Kiwi. Only a recovery and subsequent hold above the 0.8350 may shift the focus to round 0.84.
NZDUSD 1-minute Chart: January 28, 2013
Chart from FXCM Trading Station, created by Courtney Edwards
The NZD/USD held steady after New Zealand's trade balance rose more than expected. There was a 20 pip rise in the Kiwi as New Zealand reported the surplus.
--- Written by Courtney Edwards, DailyFX Research
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