Forex: NZD/USD drops to 0.8334 on better than expected rise in US GDP

on Nov 7, 2013
Updated: Oct 21, 2019
Listen Thursday, November 7th:_ The NZD/USD yesterday opened at 0.8360 and closed at 0.8373 with the pair gaining 0.13 percent. The trading range was from 0.8350 to 0.8413 – the highest point since 24 October. The price action formed a shooting star candlestick pattern, a strong bearish sign.

Today, the pair has reached an intraday high at 0.8384 in an attempt to test the psychological 0.8400 level, but failed to reach that mark and started to fall. The downtick was accelerated right after the US data on the GDP and Unemployment Claims came out. The price dropped sharply to an intraday low at 0.8334. Subsequently the price rebounded on profit taking and is currently trading at 0.8347.

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The eight-day-delayed US Advance Gross Domestic Product q/q reading for the third quarter grew by 2.8 percent, surpassing analysts’ expectations for a two percent rise. In the second quarter the Advance GDP increased by 2.5 percent, revised up from a 1.7 percent jump. Today’s figures are the best result for the current year. The Q3 Advance GDP Price Index q/q also rose – by 1.9 percent, while expected to increase by 1.5.

The US Unemployment Insurance Initial Claims last week were 336,000 – a drop from the prior period’s 345,000, revised up from 340,000.
There were no economic reports from New Zealand today and the NZD/USD has been driven by US data and general market.
Resistances today: 0.8450, 0.8475 and 0.8500.
Supports: 0.8350, 0.8330 and 0.8300.
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