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18 Jun 2013
NZD/USD unchanged after US CPI
FXstreet.com (New York) - The NZD/USD technical pair has maintained a sideways consolidation during the start of US trading, despite the recent tranche of economic data that has moved other currency pairs.
NZD/USD still trading above support
Presently, the NZD/USD is still withering at a rate of -0.27% off its opening Tuesday, having settled at 0.7970. Despite earlier jitters, the NZD/USD finds itself trading above supports, which lie at 0.7950, then 0.7892, and finally 0.7818.
NZD/USD bottomed out?
According to the Technical Analyst Team at ICN.com, “The NZD/USD dropped on Monday and Tuesday, steadying below the resistance of a setup similar to a Broadening Wedge Pattern, and dropped below 0.8065 as well. These technical events weaken the momentum of positivity quite clearly however, at the same time, make it difficult for us to suggest a downtrend since the pair is steady above 0.7920.”
In the United States, the Consumer Price Index ex Food & Energy (YoY) has climbed +1.7% in May, matching expectations of +1.7%. In addition, the Consumer Price Index (YoY) was reported at +1.4% in May, in line with projections calling for +1.4%. Housing Starts (MoM) yielded a figure of 0.914M in May, missing expectations of 0.950M. Finally, Building Permits (MoM) gave a result of 0.974M in May, compared with an estimate of 0.975M.
NZD/USD still trading above support
Presently, the NZD/USD is still withering at a rate of -0.27% off its opening Tuesday, having settled at 0.7970. Despite earlier jitters, the NZD/USD finds itself trading above supports, which lie at 0.7950, then 0.7892, and finally 0.7818.
NZD/USD bottomed out?
According to the Technical Analyst Team at ICN.com, “The NZD/USD dropped on Monday and Tuesday, steadying below the resistance of a setup similar to a Broadening Wedge Pattern, and dropped below 0.8065 as well. These technical events weaken the momentum of positivity quite clearly however, at the same time, make it difficult for us to suggest a downtrend since the pair is steady above 0.7920.”
In the United States, the Consumer Price Index ex Food & Energy (YoY) has climbed +1.7% in May, matching expectations of +1.7%. In addition, the Consumer Price Index (YoY) was reported at +1.4% in May, in line with projections calling for +1.4%. Housing Starts (MoM) yielded a figure of 0.914M in May, missing expectations of 0.950M. Finally, Building Permits (MoM) gave a result of 0.974M in May, compared with an estimate of 0.975M.