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5 Aug 2013
NZD/USD eyes 0.7800
FXstreet.com (London) - The NZD/USD is approaching the 0.7800 handle in the opening hours of the European session after dropping over a big figure Friday close/ Monday open.
“News that China will suspend milk powder imports from New Zealand following Fonterra's admission of contamination is likely top weigh on the New Zealand dollar, which had lost 3% against the US dollar last week, making it the second weakest of the majors behind the Australian dollar”, noted Marc Chandler, Global Head of Currency Strategy at BBH. The calendar is light for the pair today but we will see ISM Non-Manufacturing PMI (Jul) in the afternoon and consensus there is for a slight improvement to 53.0.
NZD/USD bearish bias and levels
NZD/USD is looking bearish on the charts with indicators in the red. The 20d ma is currently 0.7917, the 50 d ma is 0.7912 and 200d ma come as 0.8224. RSI (9) reads 38.10. Supports are ascending from 0.7620, 0.7648, 0.7660, 0.7670, Spot is 0.7779. Resistances are 0.7853, 0.7888, 0.7906, 0.7937
“News that China will suspend milk powder imports from New Zealand following Fonterra's admission of contamination is likely top weigh on the New Zealand dollar, which had lost 3% against the US dollar last week, making it the second weakest of the majors behind the Australian dollar”, noted Marc Chandler, Global Head of Currency Strategy at BBH. The calendar is light for the pair today but we will see ISM Non-Manufacturing PMI (Jul) in the afternoon and consensus there is for a slight improvement to 53.0.
NZD/USD bearish bias and levels
NZD/USD is looking bearish on the charts with indicators in the red. The 20d ma is currently 0.7917, the 50 d ma is 0.7912 and 200d ma come as 0.8224. RSI (9) reads 38.10. Supports are ascending from 0.7620, 0.7648, 0.7660, 0.7670, Spot is 0.7779. Resistances are 0.7853, 0.7888, 0.7906, 0.7937