11 Nov 2013
NZD/JPY capped by 82.00
FXstreet.com (Athens) – The NZD/JPY has been trading to the upper level since the kick off of the Wellington trading session, bu still is unable to break decently the 82.00 handle.
NZD/JPY on the upper level on solid retail NZD data, direct Tokyo fix bids
The NZD/JPY is trading almost higher by 0.30% since the early opening in Asia due to a couple of reasons. First of all, the solid retail sales that released in New Zealand on Sunday 21.45 GMT hours, proved that despite the overvalued kiwi the consuming demand in New Zealand remains good enough. On the other hand the fact that the Nikkei index soared today by roughly (+1.13%) didn’t influence the pair, as the widely known heavy inverse correlation between the Nikkei index and the Japanese currency has broken today. Elaborating on, the NZD/JPY’s uptrend shift movement could be attributed to a more or less extent to the direct Tokyo fix bids, alongside with the leveraged selling pressure on the AUD/NZD by funds.
Technical Aspects on the NZD/JPY
NZ finance minister Bill English mentioned earlier through news wires “that the the New Zealand dollar has been a headwind for New Zealand economy.” At the time of writing, the cross is trading at 81.85, up 0.16%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 81.59, 81.39, 81.18, and resistance at 82.43, 82.63 and 82.84, respectively.
NZD/JPY on the upper level on solid retail NZD data, direct Tokyo fix bids
The NZD/JPY is trading almost higher by 0.30% since the early opening in Asia due to a couple of reasons. First of all, the solid retail sales that released in New Zealand on Sunday 21.45 GMT hours, proved that despite the overvalued kiwi the consuming demand in New Zealand remains good enough. On the other hand the fact that the Nikkei index soared today by roughly (+1.13%) didn’t influence the pair, as the widely known heavy inverse correlation between the Nikkei index and the Japanese currency has broken today. Elaborating on, the NZD/JPY’s uptrend shift movement could be attributed to a more or less extent to the direct Tokyo fix bids, alongside with the leveraged selling pressure on the AUD/NZD by funds.
Technical Aspects on the NZD/JPY
NZ finance minister Bill English mentioned earlier through news wires “that the the New Zealand dollar has been a headwind for New Zealand economy.” At the time of writing, the cross is trading at 81.85, up 0.16%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 81.59, 81.39, 81.18, and resistance at 82.43, 82.63 and 82.84, respectively.