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10 Nov 2014
NZD/USD testing offers circa 0.7770
FXStreet (Bali) - NZD/USD is struggling to overcome the 0.7770 resistance in early Tokyo, with limited order flow so far following an upside gap from a 0.7753 NY close.
Jim Langlands, Founder at FXCharts, notes: "Today’s China data will be the initial catalyst for any directional move and if it is upbeat we could be in for more of a squeeze towards the 200 HMA at 0.7785 and then on to 0.7800 (38.2% of 0.8035/0.7660)."
If the Chinese number disappoints, however, Jim expects the Kiwi "to quickly run out of steam here and will head lower as the market turns its focus to tomorrows RBNZ Financial Stability Report and the comments from the Governor, Wheeler. He could well attempt to talk the Kiwi lower once again, and 0.7700 could quickly come back into view."
Jim Langlands, Founder at FXCharts, notes: "Today’s China data will be the initial catalyst for any directional move and if it is upbeat we could be in for more of a squeeze towards the 200 HMA at 0.7785 and then on to 0.7800 (38.2% of 0.8035/0.7660)."
If the Chinese number disappoints, however, Jim expects the Kiwi "to quickly run out of steam here and will head lower as the market turns its focus to tomorrows RBNZ Financial Stability Report and the comments from the Governor, Wheeler. He could well attempt to talk the Kiwi lower once again, and 0.7700 could quickly come back into view."