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21 Jun 2013
NZD/USD cracks 0.7800, new downside potential revealed
FXstreet.com (Barcelona) - The NZD/USD suffered another day of steep losses, declining an additional 134 pips to close at 0.7754 (lowest daily close since June 13th, 2012).
Economic data worth watching in Asia session
Analysts at NAB pointed towards a couple of economic reports due out later in the session that may influence short term direction for the pair. “NZ has ANZ Job Ads and Consumer Confidence both due this morning. These will provide an update on how the economy is travelling during the June quarter after the disappointing GDP report yesterday, which showed a rise
of 0.3% or 2.4%yoy,” NAB added. In conclusion, NAB went on to note China MNI Business sentiment will also be released which will be worth keeping an eye on after yesterday’s lackluster HSBC China PMI.
Technical picture gives bears the upper edge
The FXstreet.com trend index remains in bearish set up on the daily chart, while the ob/os index reads neutral. Furthermore, price remains below both the downward sloping 9 and 20dma’s, while the RSI (14) is consolidating below the 40 level and maintaining the bearish zone between 20 and 60. Although a counter trend bounce may occur with help from momentum indicators being oversold on the intra-day charts, the longer term time indicators noted above remain in bearish set up which may help limit advances as we round out the week.
Economic data worth watching in Asia session
Analysts at NAB pointed towards a couple of economic reports due out later in the session that may influence short term direction for the pair. “NZ has ANZ Job Ads and Consumer Confidence both due this morning. These will provide an update on how the economy is travelling during the June quarter after the disappointing GDP report yesterday, which showed a rise
of 0.3% or 2.4%yoy,” NAB added. In conclusion, NAB went on to note China MNI Business sentiment will also be released which will be worth keeping an eye on after yesterday’s lackluster HSBC China PMI.
Technical picture gives bears the upper edge
The FXstreet.com trend index remains in bearish set up on the daily chart, while the ob/os index reads neutral. Furthermore, price remains below both the downward sloping 9 and 20dma’s, while the RSI (14) is consolidating below the 40 level and maintaining the bearish zone between 20 and 60. Although a counter trend bounce may occur with help from momentum indicators being oversold on the intra-day charts, the longer term time indicators noted above remain in bearish set up which may help limit advances as we round out the week.