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13 Aug 2013
NZD/USD, sparks ahead of sensitive data
FXstreet.com (Chicago) - NZD/USD continued trading within 0.7960 zone post 0.57% crash.
Market participants wait for the sensitive New Zealand Retail Sales data to be released at 22:45 GMT. Analyst at Forex Crunch Kenny Fisher states: “Consumer spending is one of the most important components of the economy, and strong numbers in this sector signify growth and a stronger economy. Traders should note that New Zealand Retail Sales is released each quarter, magnifying the impact of each release. The Q2 release was a disappointment, dropping to a gain of 0.5%. This fell short of the estimate of 0.9%. The markets are expecting a stronger reading in Q3, with a forecast of a strong gain of 1.4%.”
Technically speaking, the pair trades at 0.7966 between supports at 0.7945 (July 30th lows), 0.7928 (July 31st lows) ahead of 0.7913 (July 23rd lows) and close to immediate resistance at 0.7966 (July 11th highs) ahead of 0.7984 (July 18th highs) and 0.7998 (August 6th highs).
Market participants wait for the sensitive New Zealand Retail Sales data to be released at 22:45 GMT. Analyst at Forex Crunch Kenny Fisher states: “Consumer spending is one of the most important components of the economy, and strong numbers in this sector signify growth and a stronger economy. Traders should note that New Zealand Retail Sales is released each quarter, magnifying the impact of each release. The Q2 release was a disappointment, dropping to a gain of 0.5%. This fell short of the estimate of 0.9%. The markets are expecting a stronger reading in Q3, with a forecast of a strong gain of 1.4%.”
Technically speaking, the pair trades at 0.7966 between supports at 0.7945 (July 30th lows), 0.7928 (July 31st lows) ahead of 0.7913 (July 23rd lows) and close to immediate resistance at 0.7966 (July 11th highs) ahead of 0.7984 (July 18th highs) and 0.7998 (August 6th highs).