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13 Aug 2013
NZD/USD on relentless upswing despite continuous hammering
FXstreet.com (Chicago) - NZD/USD sagged below 0.7960 post Fed Lockhart’s comments.
On outlook for retail sales data to be published later in the day in Australia, the US prints 0.2% retail sales (MoM) for July vs. expected 0.3%. According to the ICN technical analysis team, “the pair continues to fluctuate below the neckline for the minor head and shoulders pattern and accordingly, our previously suggested bearish scenario is active and valid.”
Price actions indicates the pair trades at 0.7951 between supports at 0.7945 (July 30th lows), 0.7928 (July 31st lows) ahead of 0.7913 (July 23rd lows) and resistances at 0.7966 (July 11th highs), 0.7984 (July 18th highs) followed by 0.7998 (August 6th highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis as it accumulates 0.57% daily losses.
On outlook for retail sales data to be published later in the day in Australia, the US prints 0.2% retail sales (MoM) for July vs. expected 0.3%. According to the ICN technical analysis team, “the pair continues to fluctuate below the neckline for the minor head and shoulders pattern and accordingly, our previously suggested bearish scenario is active and valid.”
Price actions indicates the pair trades at 0.7951 between supports at 0.7945 (July 30th lows), 0.7928 (July 31st lows) ahead of 0.7913 (July 23rd lows) and resistances at 0.7966 (July 11th highs), 0.7984 (July 18th highs) followed by 0.7998 (August 6th highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis as it accumulates 0.57% daily losses.