29 Aug 2013
NZD/USD attempts to recover losses; still below 0.78 zone
FXstreet.com (Chicago) - NZD/USD plunged at the opening of the American trading session and release of official data in the US. The pair accumulates 0.33% daily losses adding up to 3.24% losses incurred this month.
Substantial improvement?
Earlier in New Zealand, the business confidence index was released at 48.1% vs. previous 52.8%. In the US, housing market data along GDP price indexes made the highlights in official data released for the day. Initial jobless claims were 331K vs. estimates at 329K and previous 337K. Continuing jobless claims are 2.989M vs. previous 3.330M and projections at 2.980M. The GDP price index for Q2 of the year was flat vs. expectations at 1.3% matching past results. Fed’s Lacker said that the US has seen “substantial improvement” in job during his speech.
NZD/USD Technical Levels
Price action reveals a potential reversal from session lows at 0.7750. Accumulating 0.33% losses so far for a -3.24% for the month, the pair fluctuates between supports at 0.7759 (August 22nd lows), 0.7737 (August 5th lows) followed by 0.77 (July 3rd lows) and resistances at 0.7777 (July 10th lows), 0.78 (July 4th highs) ahead of 0.7820 (August 21st lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and is offered below the EMA20.
Substantial improvement?
Earlier in New Zealand, the business confidence index was released at 48.1% vs. previous 52.8%. In the US, housing market data along GDP price indexes made the highlights in official data released for the day. Initial jobless claims were 331K vs. estimates at 329K and previous 337K. Continuing jobless claims are 2.989M vs. previous 3.330M and projections at 2.980M. The GDP price index for Q2 of the year was flat vs. expectations at 1.3% matching past results. Fed’s Lacker said that the US has seen “substantial improvement” in job during his speech.
NZD/USD Technical Levels
Price action reveals a potential reversal from session lows at 0.7750. Accumulating 0.33% losses so far for a -3.24% for the month, the pair fluctuates between supports at 0.7759 (August 22nd lows), 0.7737 (August 5th lows) followed by 0.77 (July 3rd lows) and resistances at 0.7777 (July 10th lows), 0.78 (July 4th highs) ahead of 0.7820 (August 21st lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and is offered below the EMA20.