2 Sep 2013
NZD/USD resists bearish pressure above 0.78 zone; +100 pips
FXstreet.com (Chicago) - NZD/USD soared above 0.78 zone at the opening of the Asian trading session on positive Chinese manufacturing data but retraced 38.2% (Fibonacci percentage) after reaching peaks.
High performance maintained
Price action reveals the extension of a bullish rally that started last week after the pair bounced off 6-week lows around 0.7720. Propelled by better-than-expected Chinese manufacturing results implying the expansion of the economy, the kiwi strengthened until reaching double tops (August 29th) highs. The US markets were closed on Labor Day while market participants shifted their focus to Obama’s meetings with Republican senators along France’s and NATO’s pronouncements on Syria.
NZD/USD Technical Levels
At 0.7807, the pair navigates between supports at 0.7796 (August 29th highs), 0.7777 (August 24th lows) ahead of 0.7748 (August 27th lows) and resistances at 0.7834 (session highs), 0.7858 (August 23rd highs) followed by 0.7889 (August 20th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades above the EMA20. So far, the pair accumulates 1.18% gains.
High performance maintained
Price action reveals the extension of a bullish rally that started last week after the pair bounced off 6-week lows around 0.7720. Propelled by better-than-expected Chinese manufacturing results implying the expansion of the economy, the kiwi strengthened until reaching double tops (August 29th) highs. The US markets were closed on Labor Day while market participants shifted their focus to Obama’s meetings with Republican senators along France’s and NATO’s pronouncements on Syria.
NZD/USD Technical Levels
At 0.7807, the pair navigates between supports at 0.7796 (August 29th highs), 0.7777 (August 24th lows) ahead of 0.7748 (August 27th lows) and resistances at 0.7834 (session highs), 0.7858 (August 23rd highs) followed by 0.7889 (August 20th lows). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades above the EMA20. So far, the pair accumulates 1.18% gains.