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10 Sep 2013
NZD/USD retesting 0.8070 peaks
FXstreet.com (Chicago) - NZD/USD bounced off 0.8050 zone after retracing from session highs at 0.8077. The pair registers 0.66% gains so far ahead of the American stock market closing.
Steady climb
The journey has been rather smooth for a stronger kiwi that extended upward trendline since last August 30th reversal day. Registering higher lows and staying within the boundaries of a bullish channel, the pair sustains highs not seen in 3 weeks. Earlier in New Zealand, electronic card retail sales (MoM) for August were 0.8% vs. past 0.4%. Better than expected Chinese results and a Syrian conflict that eases off propelled bulls to buy the pair.
NZD/USD Technical Levels
Price action reveals the extension of a bullish trendline and consolidation above 0.8060 zone. Offered at 0.8070, the pair oscillates at the edge of the 0.8060 zone and aims to stay above 0.8070. On the downside, supports are aligned at 0.8052 (August 14th lows), 0.8016 (September 7th highs) ahead of 0.7989 (August 20th highs) while resistances are set at 0.8077 (session highs), 0.8092 (July 29th highs) followed by 0.8116 (August 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EM20.
Steady climb
The journey has been rather smooth for a stronger kiwi that extended upward trendline since last August 30th reversal day. Registering higher lows and staying within the boundaries of a bullish channel, the pair sustains highs not seen in 3 weeks. Earlier in New Zealand, electronic card retail sales (MoM) for August were 0.8% vs. past 0.4%. Better than expected Chinese results and a Syrian conflict that eases off propelled bulls to buy the pair.
NZD/USD Technical Levels
Price action reveals the extension of a bullish trendline and consolidation above 0.8060 zone. Offered at 0.8070, the pair oscillates at the edge of the 0.8060 zone and aims to stay above 0.8070. On the downside, supports are aligned at 0.8052 (August 14th lows), 0.8016 (September 7th highs) ahead of 0.7989 (August 20th highs) while resistances are set at 0.8077 (session highs), 0.8092 (July 29th highs) followed by 0.8116 (August 16th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EM20.