4 Sep 2013
NZD/USD, bulls outweigh bears; price above 0.78 on intense clash
FXstreet.com (Chicago) - NZD/USD had dropped below 0.78 zone at the closing of the American trading session but managed to snap back above it after 50% Fib. Retracement followed by 23.6% rally that ended at 0.7807 highs.
US data, Syria, Fed
In Wall Street, the Dow closed with 0.16% gains behind the S&P 500 up 0.42% and the Nasdaq up 0.63%. After better-than-expected US manufacturing data with the ISM manufacturing PMI for August at 55.7 vs. past 55.4 and expected 54.0, the markets edged higher but failed to sustain bearish pressure on Syrian concerns and Fed’s tapering (meeting planned next September 17-18th).
NZD/USD Technical Levels
Ahead of GDP data in Australia that may affect the kiwi’s performance and trade balance results in the US, market participants remain anxious about Syria. Price action reveals order flows following Fibonacci levels pretty well with a clear 100% upswing from 0.7719 lows (August 30th) ending at 0.7834 (September 3rd spike) and 50% retracement to 0.7777 levels (key support) followed by an upward movement back up 23.6% (Fib). The pair trades at 0.7802 between supports at 0.7796 (August 30th highs), 0.7777 (session lows) ahead of 0.7748 (August 29th lows) and resistances at 0.7834 (session highs), 0.7858 (August 21st lows) followed by 0.7874 (August 26th highs). The upward trend line remains intact after bounce from 0.7777.
US data, Syria, Fed
In Wall Street, the Dow closed with 0.16% gains behind the S&P 500 up 0.42% and the Nasdaq up 0.63%. After better-than-expected US manufacturing data with the ISM manufacturing PMI for August at 55.7 vs. past 55.4 and expected 54.0, the markets edged higher but failed to sustain bearish pressure on Syrian concerns and Fed’s tapering (meeting planned next September 17-18th).
NZD/USD Technical Levels
Ahead of GDP data in Australia that may affect the kiwi’s performance and trade balance results in the US, market participants remain anxious about Syria. Price action reveals order flows following Fibonacci levels pretty well with a clear 100% upswing from 0.7719 lows (August 30th) ending at 0.7834 (September 3rd spike) and 50% retracement to 0.7777 levels (key support) followed by an upward movement back up 23.6% (Fib). The pair trades at 0.7802 between supports at 0.7796 (August 30th highs), 0.7777 (session lows) ahead of 0.7748 (August 29th lows) and resistances at 0.7834 (session highs), 0.7858 (August 21st lows) followed by 0.7874 (August 26th highs). The upward trend line remains intact after bounce from 0.7777.