NZD/USD strengthens as the Asian trading journey advances accumulating 0.15% gains so far on reversal consolidation after hitting 0.7960 lows. Manufacturing sales in ND failed to match past results to drop to -2.0% vs. prior -0.1%. Price action reveals a steady climb with higher lows as the trading journey in Asia advances. The pair remains within upward trend channel boundaries above the bullish trendline on continuous reversal since August 30th from 0.77 zone. At 0.7987, the pair attempts to break through 0.79 zone and oscillates between supports at 0.7970 (August 20th lows), 0.7950 (August 18th lows) ahead of 0.7023 (September 4th highs) and resistances at 0.7989 (August 15th lows), 0.8018 (September 6th highs) followed by 0.8052 (August 9th highs). According to the FXstreet trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered above the EMA20.
Posted on: Mon, 09 Sep 2013 04:07:56 +0000
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