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3 Aug 2015
NZD/USD: Bulls fighting hard to regain 0.6600
FXStreet (Mumbai) - The NZD/USD pair shaved-off gains and fell into the negative territory in the mid-Asian session, after a big miss on the China manufacturing report triggered fresh selling in the New Zealand dollar.
NZD/USD back below 0.66 handle
Currently, the NZD/USD pair trades -0.09% lower 0.6585, struggling below 0.6600 levels. The NZD/USD pair extends its gradual descent from Friday overnight and seems to consolidate in the Asian morning as traders gear up for an eventful week with a host of significant NZ macro data lined up for release while the key US Non-farm payrolls will also have major impact on the Kiwi.
The New Zealand dollar remains largely subdued versus its American counterpart following disappointing Chinese manufacturing PMI report which came in at lowest levels in two years. The latest Caixin China General Manufacturing PMI final reading stood at 47.8 versus 48.2 preliminary, witnessing sharpest deterioration in two years.
Meanwhile, markets now await a set of US manufacturing PMI readings while Fed’s closely watch inflation gauge will also be tracked in the day ahead.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6600 levels and above which it could extend gains 0.6644 (July 27 High). To the downside immediate support might be located at 0.6556 (July 27 Low) below that at 0.6503 (July 20 Low) levels.
NZD/USD back below 0.66 handle
Currently, the NZD/USD pair trades -0.09% lower 0.6585, struggling below 0.6600 levels. The NZD/USD pair extends its gradual descent from Friday overnight and seems to consolidate in the Asian morning as traders gear up for an eventful week with a host of significant NZ macro data lined up for release while the key US Non-farm payrolls will also have major impact on the Kiwi.
The New Zealand dollar remains largely subdued versus its American counterpart following disappointing Chinese manufacturing PMI report which came in at lowest levels in two years. The latest Caixin China General Manufacturing PMI final reading stood at 47.8 versus 48.2 preliminary, witnessing sharpest deterioration in two years.
Meanwhile, markets now await a set of US manufacturing PMI readings while Fed’s closely watch inflation gauge will also be tracked in the day ahead.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6600 levels and above which it could extend gains 0.6644 (July 27 High). To the downside immediate support might be located at 0.6556 (July 27 Low) below that at 0.6503 (July 20 Low) levels.