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27 Nov 2013
NZD/USD challenging 0.8200
FXstreet.com (Edinburgh) - The kiwi dollar is trading on the defensive camp on Wednesday, with the NZD/USD meandering just below the key barrier at 0.8200.
NZD/USD weaker on trade data
The NZD intensified its decline overnight despite the trade deficit shrunk to $168 million during October, bettering both estimates ($350 million) and September’s print ($216 million). Both exports and imports also exceeded expectations and previous data. Next on tap will be the Business Confidence gauge sponsored by ANZ, to be released tomorrow (53.2% prev.). Annette Beacher, Strategist at TD Securities, observed, “New Zealand trade tends to morph into surplus over the summer, so expect even better prints in the months ahead… Exports to China have accelerated over the last three years and can only see blue sky from here as commercial partnerships are forged fairly regularly to secure supply”.
NZD/USD key levels
At the moment the pair is retreating 0.07% at 0.8184 with the next support at 0.8153 (low Nov.26) ahead of 0.8130 (low Sep.16) and then 0.8125 (low Nov.22). On the flip side, a breakout of 0.8245 (high Nov.22) would clear the way to 0.8266 (high Nov.26) and finally 0.8276 (low Nov.21).
NZD/USD weaker on trade data
The NZD intensified its decline overnight despite the trade deficit shrunk to $168 million during October, bettering both estimates ($350 million) and September’s print ($216 million). Both exports and imports also exceeded expectations and previous data. Next on tap will be the Business Confidence gauge sponsored by ANZ, to be released tomorrow (53.2% prev.). Annette Beacher, Strategist at TD Securities, observed, “New Zealand trade tends to morph into surplus over the summer, so expect even better prints in the months ahead… Exports to China have accelerated over the last three years and can only see blue sky from here as commercial partnerships are forged fairly regularly to secure supply”.
NZD/USD key levels
At the moment the pair is retreating 0.07% at 0.8184 with the next support at 0.8153 (low Nov.26) ahead of 0.8130 (low Sep.16) and then 0.8125 (low Nov.22). On the flip side, a breakout of 0.8245 (high Nov.22) would clear the way to 0.8266 (high Nov.26) and finally 0.8276 (low Nov.21).