12 Nov 2013
NZD/USD trying to hold above the neckline of a Head &Shoulders Top formation at 0.8192
FXstreet.com (Barcelona) - The NZD/USD cross is down on the session – continuing the recent trend of kiwi bearishness / greenback bullishness.
NZD/USD traders to focus on US data and technicals for remainder of Tuesday
The NZD/USD cross will have to wait until the US trading session Tuesday before any more data is due out that might move the cross in a meaningful manner. In the US, the Chicago Fed National Activity Index will be released at 13:30 GMT.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD is in the early stages of the “c” wave of an “abc” correction higher. The upside target for this wave is approximately 0.8400 using Elliott Wave measuring techniques. Initial support comes in at Friday’s low of 0.8235 and is followed by the 10/30 low of 0.8191.
NZD/USD traders to focus on US data and technicals for remainder of Tuesday
The NZD/USD cross will have to wait until the US trading session Tuesday before any more data is due out that might move the cross in a meaningful manner. In the US, the Chicago Fed National Activity Index will be released at 13:30 GMT.
Technical outlook for NZD/USD
Elliott Wave technicians say NZD/USD is in the early stages of the “c” wave of an “abc” correction higher. The upside target for this wave is approximately 0.8400 using Elliott Wave measuring techniques. Initial support comes in at Friday’s low of 0.8235 and is followed by the 10/30 low of 0.8191.