Forex: NZD/USD holds onto 0.8100 level
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NZD/USD
FXstreet.com (Barcelona) - The NZDUSD has been marred by swollen sentiment Monday during European trading, as investor hype, speculation, and rumors build ahead of the Jackson Hole meeting. The pair's 100 hourly SMA has acted as a temporary resistance, sequestering any tepid gains thus far.
According to Mike Jones, an Analyst at BNZ, "we recommend a step back from the near-term chop - the NZDUSD has spent the past month essentially drifting sideways in a narrow 0.8020-0.8230 range. This reflects the global cross winds at play. Investors are still a little unsure which way the global economy is going to break, especially ahead of the Jackson Hole meeting."
Presently the pair has settled at 0.8103, holding onto the 0.8100 level though still suffering from an acute -0.13% loss on the day. , Mataf.net analysts identify the next supports at 0.8078, 0.8048, and finally 0.8015. On the uptick, a break above 0.8141 will enable resistance at 0.8174 and 0.8204.
According to Mike Jones, an Analyst at BNZ, "we recommend a step back from the near-term chop - the NZDUSD has spent the past month essentially drifting sideways in a narrow 0.8020-0.8230 range. This reflects the global cross winds at play. Investors are still a little unsure which way the global economy is going to break, especially ahead of the Jackson Hole meeting."
Presently the pair has settled at 0.8103, holding onto the 0.8100 level though still suffering from an acute -0.13% loss on the day. , Mataf.net analysts identify the next supports at 0.8078, 0.8048, and finally 0.8015. On the uptick, a break above 0.8141 will enable resistance at 0.8174 and 0.8204.
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