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5 Jul 2013
NZD/USD stabilizes after NFP-induced plunge
FXstreet.com (New York) - The NZD/USD foreign exchange rate faced a cataclysmic plunge Friday on the heels of US economic data in recent moments.
NZD/USD erases daily gains
Presently, the NZD/USD technical pair is now trading at just 0.7760 (-0.94% thus far), having stabilized and bounced off of an intraday low at 0.7736. Following a collapse below support at 0.7791, the Danske Research Team has identified the next supports at 0.7755 then 0.7723. On the decline, supports will be encountered at 1.0485, then 1.0454, and eventually 1.0421.
In the United States, the Nonfarm Payrolls (June) came in at 195k, exceeding expectations of only 165K, and matching a figure of 195K previously. In addition, the Unemployment Rate (June) yielded 7.6%, which missed estimates calling for 7.5%.
NZD/USD bottoming out?
According to the Technical Analyst Team at ICN.com, “The recent NZD/USD price action suggests it could be forming a bottom, as it managed to break the descending resistance of the falling wedge pattern shown on image, however found resistance at 0.7860 key high, which is the main pivotal level. A break above 0.7860 would confirm our bullish bias.”
NZD/USD erases daily gains
Presently, the NZD/USD technical pair is now trading at just 0.7760 (-0.94% thus far), having stabilized and bounced off of an intraday low at 0.7736. Following a collapse below support at 0.7791, the Danske Research Team has identified the next supports at 0.7755 then 0.7723. On the decline, supports will be encountered at 1.0485, then 1.0454, and eventually 1.0421.
In the United States, the Nonfarm Payrolls (June) came in at 195k, exceeding expectations of only 165K, and matching a figure of 195K previously. In addition, the Unemployment Rate (June) yielded 7.6%, which missed estimates calling for 7.5%.
NZD/USD bottoming out?
According to the Technical Analyst Team at ICN.com, “The recent NZD/USD price action suggests it could be forming a bottom, as it managed to break the descending resistance of the falling wedge pattern shown on image, however found resistance at 0.7860 key high, which is the main pivotal level. A break above 0.7860 would confirm our bullish bias.”