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26 Jun 2013
NZD/USD clinging to a narrow consolidation
FXstreet.com (New York) - The NZD/USD foreign exchange rate has been static thus far during Asian trading, navigating the threshold between positive and negative territory Wednesday.
Later today at 22:45 GMT, New Zealand is slated to release several indicators, including the Trade Balance, and Import and Export figures in the month of May.
NZD/USD bearishness cannot be confirmed
“The NZD/USD is trading sideways above 0.7715 support and below minor resistance 0.7800; the sideways movement is usually a continuation trend for a previous formation. We cannot confirm it’s a bearish continuation formation unless the pair consolidates below 0.7715 and accordingly we stand aside awaiting confirmation.” notes the Technical Analyst Team at ICN.com.
NZD/USD sideways consolidation
Presently, the NZD/USD technical pair has refused to breakout thus far, instead clinging the 0.7740 region, incurring a marginal loss of -0.01% Wednesday. According to the Mataf.net analyst team, supports will be encountered at 0.7691, then 0.7634, and 0.7584. Conversely, resistances will occur at 0.7798, then 0.7848 and finally 0.7905.
Later today at 22:45 GMT, New Zealand is slated to release several indicators, including the Trade Balance, and Import and Export figures in the month of May.
NZD/USD bearishness cannot be confirmed
“The NZD/USD is trading sideways above 0.7715 support and below minor resistance 0.7800; the sideways movement is usually a continuation trend for a previous formation. We cannot confirm it’s a bearish continuation formation unless the pair consolidates below 0.7715 and accordingly we stand aside awaiting confirmation.” notes the Technical Analyst Team at ICN.com.
NZD/USD sideways consolidation
Presently, the NZD/USD technical pair has refused to breakout thus far, instead clinging the 0.7740 region, incurring a marginal loss of -0.01% Wednesday. According to the Mataf.net analyst team, supports will be encountered at 0.7691, then 0.7634, and 0.7584. Conversely, resistances will occur at 0.7798, then 0.7848 and finally 0.7905.