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1 Oct 2013

NZD/USD preparing for next leg lower?

FXstreet.com (London) - The NZD/USD has continued on the bid after a small bounce since dropping earlier when heavy supply arrived at 0.8340.

NZD/USD is currently trading down -0.33% at 0.8277 despite a government shutdown in the US. The USD more or less ignored the last partial US government shutdowns seen in 1995/1996 as well. Investors generally seem to feel that any shutdown is unlikely to last and so US economic damage will be limited (ballpark estimates suggest the shutdown will cost 0.1-0.2% pp off of GDP per week). But the longer the shutdown, the greater the overall damage. Notably, the jobs numbers are not going to be released for the US this week, which had been the major scheduled event on the calendar.

NZD/USD Levels

The 20 DMA is 0.8165, the 50 DMA is 0.8026 and the 200 DMA is 0.8180. RSI (14) reads 42.17. Supports are ascending from 0.8217, 0.8235 and 0.8243. Spot is 0.8276 while resistances are coming in at 0.8291, 0.8352, 0.8374, 0.8436 and 0.8461.
Oct 1, 2013

Wall Street rallies in the 1st shutdown day

Wall Street answered ‘I don't care’ to the US government shutdown first day as stocks recovered from multi-week lows on Tuesday. Overall, the rally was driven by the start of the quarter, upbeat US economic data and hopes that the debt impasse will be solved shortly.
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