3 Sep 2013
NZD/USD drops below 0.78 zone
FXstreet.com (Chicago) - NZD/USD was capped at 0.7842 after formidable rally that ended with a dragging movement to 0.7775 lows. At the release of manufacturing data in the US, the pair succumbed to bearish pressure and failed to protect 0.78 zone.
Syria and US manufacturing data
In Wall Street, an early rally dissipated on Syrian concerns after better-than-expected US manufacturing data with a Markit Manufacturing PMI for August at 53.1 vs. expectations at 54 and past 53.7 results and the ISM manufacturing PMI at 55.7 vs. expected 54.0 and prior 55.4. Earlier in Asia, the kiwi had reacted to a 2.5% RBA interest rate decision and positive sentiment on China’s economic expansion as proven by results.
NZD/USD Technical Levels
Technically speaking, the pair trades at 0.7792 between supports at 0.7777 (July 9th lows), 0.7748 (August 30th lows) ahead of 0.7719 (August 31st lows) and resistances at 0.7796 (August 30th highs), 0.7834 (August 28th highs) followed by 0.7858 (August 26th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis.
Syria and US manufacturing data
In Wall Street, an early rally dissipated on Syrian concerns after better-than-expected US manufacturing data with a Markit Manufacturing PMI for August at 53.1 vs. expectations at 54 and past 53.7 results and the ISM manufacturing PMI at 55.7 vs. expected 54.0 and prior 55.4. Earlier in Asia, the kiwi had reacted to a 2.5% RBA interest rate decision and positive sentiment on China’s economic expansion as proven by results.
NZD/USD Technical Levels
Technically speaking, the pair trades at 0.7792 between supports at 0.7777 (July 9th lows), 0.7748 (August 30th lows) ahead of 0.7719 (August 31st lows) and resistances at 0.7796 (August 30th highs), 0.7834 (August 28th highs) followed by 0.7858 (August 26th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis.