30 Aug 2013
NZD/USD, 300 pips down for the month; struggling below 0.7737 support
FXstreet.com (Chicago) - NZD/USD has accumulated 3.07% losses so far this month from which 0.81% was this week and 0.42% was today. The pair plunged at the release of US data after a strong start in Asia.
Price action reveals a climb to almost grasp 0.78 zone at 0.7799 for a steep retracement to 0.7721 zone triggered by market participants reaction to US data release. Price reversal coincides with US Secretary of State’s remarks to attack Syria with minimal action and existence of proofs demonstrating last week’s attack was perpetuated by the government.
NZD/USD Technical Levels
At 0.7736, the pair trades below immediate support at 0.7737 (August 1st lows) and faces following supports at 0.77 (July 1st lows) and 0.7685 (July 4th lows). On the upside, resistances are set at 0.7759 (August 23rd lows), 0.7777 (August 24th lows) followed by 0.78 (session highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered below the EMA20.
Price action reveals a climb to almost grasp 0.78 zone at 0.7799 for a steep retracement to 0.7721 zone triggered by market participants reaction to US data release. Price reversal coincides with US Secretary of State’s remarks to attack Syria with minimal action and existence of proofs demonstrating last week’s attack was perpetuated by the government.
NZD/USD Technical Levels
At 0.7736, the pair trades below immediate support at 0.7737 (August 1st lows) and faces following supports at 0.77 (July 1st lows) and 0.7685 (July 4th lows). On the upside, resistances are set at 0.7759 (August 23rd lows), 0.7777 (August 24th lows) followed by 0.78 (session highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered below the EMA20.