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23 Aug 2013
NZD/USD stands strong above 0.78 zone
FXstreet.com (Chicago) - NZD/USD poses after impressive rally after falling to 0.7760 daily lows earlier in Asia. Post US data, the kiwi trades sideways and pockets 0.04% gains within the last hour, attempting to shorten 0.15% daily losses so far.
Market reactions
Price action indicates the pair plunged at the opening of the session as investors weighted US manufacturing data that improved in comparison with estimates and past performance. Nonetheless, the greenback weakened after US house market data failed to meet expectations with a decreasing number of new home sales at 0.394M vs. expected 0.485M.
NZD/USD Technical Levels
Technically speaking, the pair trades at 0.7816, navigating between supports at 0.78 (psychological level), 0.7777 (August 4th highs) ahead of 0.7760 (session lows) and resistances at 0.7820 (August 22nd lows), 0.7847 (August 7th lows) followed by 0.7864 (August 22nd highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.
Market reactions
Price action indicates the pair plunged at the opening of the session as investors weighted US manufacturing data that improved in comparison with estimates and past performance. Nonetheless, the greenback weakened after US house market data failed to meet expectations with a decreasing number of new home sales at 0.394M vs. expected 0.485M.
NZD/USD Technical Levels
Technically speaking, the pair trades at 0.7816, navigating between supports at 0.78 (psychological level), 0.7777 (August 4th highs) ahead of 0.7760 (session lows) and resistances at 0.7820 (August 22nd lows), 0.7847 (August 7th lows) followed by 0.7864 (August 22nd highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.