NZD/USD steadied in the European morning, although trading in a very narrow range as market look for fresh triggers ahead of a slew of NZ data in the week ahead.
Consolidates between 0.7246 - 0.7274 levels
Currently, the NZD/USD traded flat at 0.7257, recovering from fresh four year lows posted at 0.7213 levels in the previous session. The Kiwi manages to hold mild gains as the traders digest weaker than expected Chinese manufacturing data over the weekend which fell to 49.8 in January from 50.1 in December. Moreover, HSBC's manufacturing Purchasing Managers' Index (PMI) released today also remained in contraction. China is the Kiwi nation’s top export destination.
Meanwhile, traders now shift their attention towards a deluge of economic releases from New Zealand and the US later this week to gauge further moves on the pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7299 and above which it could extend gains to 0.7349 levels. To the downside, immediate support might be located at 0.7246 (5-DMA) levels and below that at 0.7213 levels
Consolidates between 0.7246 - 0.7274 levels
Currently, the NZD/USD traded flat at 0.7257, recovering from fresh four year lows posted at 0.7213 levels in the previous session. The Kiwi manages to hold mild gains as the traders digest weaker than expected Chinese manufacturing data over the weekend which fell to 49.8 in January from 50.1 in December. Moreover, HSBC's manufacturing Purchasing Managers' Index (PMI) released today also remained in contraction. China is the Kiwi nation’s top export destination.
Meanwhile, traders now shift their attention towards a deluge of economic releases from New Zealand and the US later this week to gauge further moves on the pair.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7299 and above which it could extend gains to 0.7349 levels. To the downside, immediate support might be located at 0.7246 (5-DMA) levels and below that at 0.7213 levels
