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29 Aug 2013
NZD/USD, buying interest sub-0.7750 persists
FXstreet.com (Chicago) - NZD/USD traded sideways throughout the afternoon of the American session after exhausting its bullish momentum and reaching 0.78 zone momentarily as it was unable to hold on to bearish pressure and strengthening of the dollar.
Weaker-than-expected US data
Earlier in the US, Wall Street closed with gains with the Dow up 0.33%, the Nasdaq higher 0.41% and the S&P 500 registering 0.27% gains. The psyches of market participants seem to have relaxed after two days of high volatility that affected the kiwi considerably. After weaker-than-expected data made public in the US with pending home sales for July (MoM) at -1.3% vs. previous -0.4%, the kiwi rallied. New Zealand will publish its RBNZ business confidence assessment for the month of July aiming to outperform previous 52.8%.
NZD/USD Technical Levels
Technically speaking the pair continues trading sideways after earlier climb reaching 0.7802 momentarily. At 0.7792, the pair fluctuates between supports at 0.7777 (July 9th lows), 0.7759 (July 11th lows) ahead of 0.7737 (August 2nd lows) and resistances at 0.78 (key psychological resistance), 0.7820 (August 3rd lows) followed by 0.7841 (July 16th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Weaker-than-expected US data
Earlier in the US, Wall Street closed with gains with the Dow up 0.33%, the Nasdaq higher 0.41% and the S&P 500 registering 0.27% gains. The psyches of market participants seem to have relaxed after two days of high volatility that affected the kiwi considerably. After weaker-than-expected data made public in the US with pending home sales for July (MoM) at -1.3% vs. previous -0.4%, the kiwi rallied. New Zealand will publish its RBNZ business confidence assessment for the month of July aiming to outperform previous 52.8%.
NZD/USD Technical Levels
Technically speaking the pair continues trading sideways after earlier climb reaching 0.7802 momentarily. At 0.7792, the pair fluctuates between supports at 0.7777 (July 9th lows), 0.7759 (July 11th lows) ahead of 0.7737 (August 2nd lows) and resistances at 0.78 (key psychological resistance), 0.7820 (August 3rd lows) followed by 0.7841 (July 16th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.