Forex Flash: NZD/USD upside capped at 0.8420
Forex pairs in this Article »
NZD/USD
FXstreet.com (Barcelona) - The kiwi dollar is trimming part of the early gains on Wednesday, after climbing as high as 0.8419 during the European morning, ahead of the FOMC statement due later.
Light docket ahead in the week for the NZD, as the Business NZ PMI during November is due tonight (prev. 50.5).
According to analyst I.Speizer at Westpac, the multi-week outlook for the cross indicates that "The upside break was confirmed this week by the break above a shorter term channel which started on 28 September. Any corrections should now be limited to 0.8310 (7 November peak) before advancing to the next major target at 0.8470 (February 2012 peak)".
The cross is now up 0.19% at 0.8409
Next resistance levels are located at 0.8425 (high Feb.20) ahead of 0.8470 (high Feb.29) and then 0.8545 (high Sep.2).
On the downside, a breach of 0.8386 (low Dec.12) would bring 0.8357 (high Sep.28) and finally 0.8335 (low Dec.11).
Light docket ahead in the week for the NZD, as the Business NZ PMI during November is due tonight (prev. 50.5).
According to analyst I.Speizer at Westpac, the multi-week outlook for the cross indicates that "The upside break was confirmed this week by the break above a shorter term channel which started on 28 September. Any corrections should now be limited to 0.8310 (7 November peak) before advancing to the next major target at 0.8470 (February 2012 peak)".
The cross is now up 0.19% at 0.8409
Next resistance levels are located at 0.8425 (high Feb.20) ahead of 0.8470 (high Feb.29) and then 0.8545 (high Sep.2).
On the downside, a breach of 0.8386 (low Dec.12) would bring 0.8357 (high Sep.28) and finally 0.8335 (low Dec.11).
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