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31 Dec 2013
NZD/USD posts a bullish key reversal candle at 0.8139 support on Monday
FXstreet.com (Barcelona) - The NZD/USD managed to hold up above key support at 0.8139 and rebound sharply on Monday – posting a bullish key reversal candle in the process.
NZD/USD traders very light data flow off of which to work this week
With no data due out from New Zealand this week, NZD/USD traders will have to get their direction from technicals, existing momentum and US data points. Tuesday’s scheduled US releases include the Chicago Purchasing Managers Index and Consumer Confidence.
Technical outlook for NZD/USD
Technicians say the NZD/USD did a nice job of reversing convincingly after testing support at 0.8139. The cross initially broke support during Monday’s session, but then reversed hard to the upside when weaker-than-expected pending home sales data were released by the US later in the session. Additional comes into play at the 11/29 low of 0.8083. Resistance comes into play for NZD/USD at last Friday’s high of 0.8223 and is backed up by the 12/16 high of 0.8287.
NZD/USD traders very light data flow off of which to work this week
With no data due out from New Zealand this week, NZD/USD traders will have to get their direction from technicals, existing momentum and US data points. Tuesday’s scheduled US releases include the Chicago Purchasing Managers Index and Consumer Confidence.
Technical outlook for NZD/USD
Technicians say the NZD/USD did a nice job of reversing convincingly after testing support at 0.8139. The cross initially broke support during Monday’s session, but then reversed hard to the upside when weaker-than-expected pending home sales data were released by the US later in the session. Additional comes into play at the 11/29 low of 0.8083. Resistance comes into play for NZD/USD at last Friday’s high of 0.8223 and is backed up by the 12/16 high of 0.8287.