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26 Aug 2013
NZD/USD glued to the 0.78 handle despite worst NZ trade balance year to date
FXstreet.com (Barcelona) - The NZD/USD foreign exchange rate is last trading at 0.7800 round off early session highs at 0.7823 after worse than expected NZ trade balance, showing biggest deficit year to date at -774M vs -18M expected.
NZD/USD holding up reasonably well
“AUD/NZD could well be the pair to watch today with Prime Brokerage sources referring to decent sized stops above 1.1600,” said FXWW founder Sean Lee, adding: “Despite this, the NZD has held up reasonably well after worse-than-expected trade data. NZD/USD edged lower towards .7800 but hasn’t moved since.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at current levels as Thursday's lows 0.7802, followed by July 10 lows at 0.7780, and Friday's lows at 0.7760. To the upside, closest resistance shows at recent session highs 0.7823, followed by July 17 lows at 0.7839, and Thursday's highs at 0.7875.
NZD/USD holding up reasonably well
“AUD/NZD could well be the pair to watch today with Prime Brokerage sources referring to decent sized stops above 1.1600,” said FXWW founder Sean Lee, adding: “Despite this, the NZD has held up reasonably well after worse-than-expected trade data. NZD/USD edged lower towards .7800 but hasn’t moved since.”
NZD/USD key technical levels
Immediate support to the downside for NZD/USD lies at current levels as Thursday's lows 0.7802, followed by July 10 lows at 0.7780, and Friday's lows at 0.7760. To the upside, closest resistance shows at recent session highs 0.7823, followed by July 17 lows at 0.7839, and Thursday's highs at 0.7875.