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20 Jun 2013
NZD/USD pushes lower on downbeat NZ GDP
FXstreet.com (Barcelona) - The NZD/USD has retained its bearish tone following a lower-than-expected NZ GDP data. The pair is currently trading at 0.7855 after losing 1.25% on Wednesday.
New Zealand GDP beats estimates
The New Zealand GDP in Q1 came at 0.3% vs 0.6% expected and 1.5% prior. Yearly, the GDP stood at 2.4% vs 2.5% expected and +3.0% prior.
NZD/USD key technical levels
Following the sharp rebound off 0.7765 lows on June 11, selling interest above 0.81 late last week coupled with further liquidation post Bernanke speech, has taken the pair towards 0.7860 support - June 12 low -, where bids emerged.
A break lower would expose 0.7830 - June 10 low - ahead of 0.7765 yearly low. On the upside, any recovery has the potential to recover some decent ground after the big red candle printed on the H1, which suggests the order board has been cleaned up. If/when confronted with 0.7960, any further gain should be much tougher to come by.
New Zealand GDP beats estimates
The New Zealand GDP in Q1 came at 0.3% vs 0.6% expected and 1.5% prior. Yearly, the GDP stood at 2.4% vs 2.5% expected and +3.0% prior.
NZD/USD key technical levels
Following the sharp rebound off 0.7765 lows on June 11, selling interest above 0.81 late last week coupled with further liquidation post Bernanke speech, has taken the pair towards 0.7860 support - June 12 low -, where bids emerged.
A break lower would expose 0.7830 - June 10 low - ahead of 0.7765 yearly low. On the upside, any recovery has the potential to recover some decent ground after the big red candle printed on the H1, which suggests the order board has been cleaned up. If/when confronted with 0.7960, any further gain should be much tougher to come by.