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1 Mar 2013
Forex: NZD/USD nears 0.8225/30 support; break opens up 0.82
The New Zealand Dollar is weakening across a variety of asset classes, after downbeat NZ terms of trade data was published, with the read showing a 1.3% decline on a quarterly basis vs +1.2% expected.
It is likely that the data was leaked ahead of the event, as the currency had a 30+ pips knee-jerk reaction to the downside 5 minutes prior to the event.
NZD/USD is closing in its distance with key support at 0.8225-30, a proven resilient level during Wednesday's trading day. A break lower would most likely expose round number 0.82, although room to fall further to 0.8160 (Dec 26 low).
On the upside, the topside failure to regain 0.83 is evidence that sellers are well in control. A retake and consolidation above this latter will be the first minimum requirement for buyers to ease the growing pressure.
It is likely that the data was leaked ahead of the event, as the currency had a 30+ pips knee-jerk reaction to the downside 5 minutes prior to the event.
NZD/USD is closing in its distance with key support at 0.8225-30, a proven resilient level during Wednesday's trading day. A break lower would most likely expose round number 0.82, although room to fall further to 0.8160 (Dec 26 low).
On the upside, the topside failure to regain 0.83 is evidence that sellers are well in control. A retake and consolidation above this latter will be the first minimum requirement for buyers to ease the growing pressure.