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6 Aug 2013
NZD/USD resurging from monthly lows
FXstreet.com (Chicago) - NZD/USD took off earlier in the day to advance 1.19% against the greenback throughout Tuesday’s trading session.
On outlook for unemployment data to be made public in New Zealand, market participants seemed bullish towards the kiwi after abrupt fall on milky-powder ban from China, its largest trading partners, earlier in the week. In the US, data indicated outperforming results in terms of the Redbook index and the 4-week auctions. However, the Economic Optimism Index failed to meet expected 47.9 as it dropped to 45.1. 1 points below previous month.
The FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis with key supports at 0.7780, 0.7761, and 0.7741 and resistances set at 0.7872, 0.7892 and 0.7911. With pair trading above moving averages at 20, 50 and 100, the MACD indicator pointed up.
On outlook for unemployment data to be made public in New Zealand, market participants seemed bullish towards the kiwi after abrupt fall on milky-powder ban from China, its largest trading partners, earlier in the week. In the US, data indicated outperforming results in terms of the Redbook index and the 4-week auctions. However, the Economic Optimism Index failed to meet expected 47.9 as it dropped to 45.1. 1 points below previous month.
The FXstreet trend index reported the pair as slightly bullish on one-hour timeframe analysis with key supports at 0.7780, 0.7761, and 0.7741 and resistances set at 0.7872, 0.7892 and 0.7911. With pair trading above moving averages at 20, 50 and 100, the MACD indicator pointed up.