NZD/USD up on the session after bullish data; technically weak still, though

FXstreet.com (Barcelona) - The NZD/USD cross is finding a little bit of a tailwind thus far on Thursday thanks to very bullish business confidence data out of New Zealand. Short-term technical picture remains, weak, however.

NZD/USD traders to focus on technicals with no US data due out until Monday

With no data due out from New Zealand until Friday’s release of NZD Building Permits and no data from the US until Monday, NZD/USD traders will key off of the technicals for the remainder of the Thursday session.

Technical outlook for NZD/USD

Elliott Wave technicians say the NZD/USD appears to be in the latter stages of the C wave of an ABC correction to the downside with a target of 0.8074 – arrived at using Elliott Wave measuring techniques. Below 0.8074, 0.7951 would be the next step lower. Very short-term resistance comes in at 0.8175 and is backed up by Wednesday’s peak at 0.8211.