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13 Feb 2014
NZD/USD rally dissipating; high 0.8359
FXStreet (Guatemala) - NZD/USD has managed a pull back with a steep ascent from the 0.83 handle, widening on the bid towards 0.8370 marked resistance with a high of 0.8359.
Kit Juckes, Head of Currency Strategy at Societe Generale said, "I still think that NZD is a better short than AUD here, with the latter's next bout of weakness likely to come when the news from China starts to deteriorate again, but the bigger issue, for today at least, is whether this was a catalyst for a mood swing and for the improvement in risk appetite of the first half of the week to evaporate into the weekend”. Strategists at TD Securities explained that Retail Sales were going to be the headline released in NY as the focus shifts away from the Yellen testimony and debt ceiling concerns, coming back to US economic fundamentals. The Commerce Department that informed that US retail sales contracted 0.4% inter-month during January, while excluding the Auto sector sales came in flat. Yellen’s testimony before the Senate Banking Committee has been rescheduled due to the impending snow-storm.
NZD/USD Levels
The 20 DMA is 0.8251, the 50 DMA is 0.8250 and the 200 DMA is 0.8129. RSI (14) reads 58.77. Supports are ascending from 0.8210, 0.8257, 0.8264, 0.8292. Spot is 0.8346 while resistances are 0.8370, 0.8392, 0.8433 and 0.8446.
Kit Juckes, Head of Currency Strategy at Societe Generale said, "I still think that NZD is a better short than AUD here, with the latter's next bout of weakness likely to come when the news from China starts to deteriorate again, but the bigger issue, for today at least, is whether this was a catalyst for a mood swing and for the improvement in risk appetite of the first half of the week to evaporate into the weekend”. Strategists at TD Securities explained that Retail Sales were going to be the headline released in NY as the focus shifts away from the Yellen testimony and debt ceiling concerns, coming back to US economic fundamentals. The Commerce Department that informed that US retail sales contracted 0.4% inter-month during January, while excluding the Auto sector sales came in flat. Yellen’s testimony before the Senate Banking Committee has been rescheduled due to the impending snow-storm.
NZD/USD Levels
The 20 DMA is 0.8251, the 50 DMA is 0.8250 and the 200 DMA is 0.8129. RSI (14) reads 58.77. Supports are ascending from 0.8210, 0.8257, 0.8264, 0.8292. Spot is 0.8346 while resistances are 0.8370, 0.8392, 0.8433 and 0.8446.