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18 Jun 2013
NZD/USD looking for bids near 0.8000
FXstreet.com (Barcelona) - The NZD/USD experienced a volatile day of price action, at one point trading as high as 0.8098 but then losing its bid and closing down 51 pips at 0.7988.
NZD Economic calendar remains light until later in week
The economic calendar out of NZD will remain light during the coming session, with no major reports due out. However, it should be noted NZD GDP (Q1) will be released on the June 19th at 22:45 GMT. Analysts are looking for an increase of 0.6%, which is down from the previous reading of 1.5%
NZD/USD technical picture showing small signs of improvement
The FXstreet.com Trend Index is now reading slightly bullish set up on the daily chart, while the ob/os index reads neutral. Price has closed above the 9dma for a third consecutive day which is a positive development in the short term. The next goal for the bull camp will be to build value and close above the 20dma which is 0.8019. It should be noted the RSI (14) is still failing to make much progress above the 45 level which indicates a lack of momentum buying is still hurting the bulls chances of major advances. Initial support sits at 0.7970 (the 9dma), while first resistance is at 0.8050 (previous support, now resistance on 1 hour chart).
NZD Economic calendar remains light until later in week
The economic calendar out of NZD will remain light during the coming session, with no major reports due out. However, it should be noted NZD GDP (Q1) will be released on the June 19th at 22:45 GMT. Analysts are looking for an increase of 0.6%, which is down from the previous reading of 1.5%
NZD/USD technical picture showing small signs of improvement
The FXstreet.com Trend Index is now reading slightly bullish set up on the daily chart, while the ob/os index reads neutral. Price has closed above the 9dma for a third consecutive day which is a positive development in the short term. The next goal for the bull camp will be to build value and close above the 20dma which is 0.8019. It should be noted the RSI (14) is still failing to make much progress above the 45 level which indicates a lack of momentum buying is still hurting the bulls chances of major advances. Initial support sits at 0.7970 (the 9dma), while first resistance is at 0.8050 (previous support, now resistance on 1 hour chart).