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20 Sep 2013
NZD/USD grinding slightly higher but still below 0.8399 Fibonacci resistance
FXstreet.com (Barcelona) - The NZD/USD continues to digest the big gains from late Wednesday / early Thursday’s sharp rally.
NZD/USD traders have to focus on US politics Friday
With all of the economic data for this week in the books, NZD/USD traders will have to be content focusing on the US political scene and several speeches by Federal Reserve Board Members. Overall, it should be a quiet session possibly since nothing concrete is likely to be resolved on the budget front on Friday and the Fed speakers, even if they voice dissenting opinions, do not have the influence that Bernanke or even Janet Yellen have.
Technical outlook for NZD/USD
Technicians say the obvious resistance for NZD/USD is at 0.8399 on a closing basis. Technicians say a consolidation / pullback down to 0.8243 – the 23.6% Fibonacci retracement of the rally that has taken place this month – is likely.
NZD/USD traders have to focus on US politics Friday
With all of the economic data for this week in the books, NZD/USD traders will have to be content focusing on the US political scene and several speeches by Federal Reserve Board Members. Overall, it should be a quiet session possibly since nothing concrete is likely to be resolved on the budget front on Friday and the Fed speakers, even if they voice dissenting opinions, do not have the influence that Bernanke or even Janet Yellen have.
Technical outlook for NZD/USD
Technicians say the obvious resistance for NZD/USD is at 0.8399 on a closing basis. Technicians say a consolidation / pullback down to 0.8243 – the 23.6% Fibonacci retracement of the rally that has taken place this month – is likely.