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17 Feb 2014
NZD/USD finds dip buyers ahead of 0.8360
FXStreet (Bali) - NZD/USD is trading stable around 0.8365/70, with the pair unable to hold onto its early gains following local data release in New Zealand.
NZ reatail sales weigh
The New Zealand Dollar extended its gains during inter-bank trading on Monday, dragged higher by the Aussie - tripped stops above 0.9050 -, however, softer-than-expected NZ retail sales pulled back the rate from a session high of 0.8384 to currently trade at 0.8366.
NZD/USD technicals
Technically, Jim Langlands, Founder at FX Charts, notes: "The Kiwi is marching steadily higher towards 0.8400 although I am not sure I trust it as every time we get up around these levels, the correction back towards 0.8200 is rather sharp. While the US$ is under pressure though, the Kiwi may continue to head higher, and above 0.8400, the points to watch would be at 0.8432 (14 Jan high) and then the descending trend resistance at around 0.8465."
NZ reatail sales weigh
The New Zealand Dollar extended its gains during inter-bank trading on Monday, dragged higher by the Aussie - tripped stops above 0.9050 -, however, softer-than-expected NZ retail sales pulled back the rate from a session high of 0.8384 to currently trade at 0.8366.
NZD/USD technicals
Technically, Jim Langlands, Founder at FX Charts, notes: "The Kiwi is marching steadily higher towards 0.8400 although I am not sure I trust it as every time we get up around these levels, the correction back towards 0.8200 is rather sharp. While the US$ is under pressure though, the Kiwi may continue to head higher, and above 0.8400, the points to watch would be at 0.8432 (14 Jan high) and then the descending trend resistance at around 0.8465."