FxWirePro: NZD/USD extends descent on disappointing Chinese manufacturing PMI
Monday, August 3, 2015 4:26 AM UTC
- Disappointing Chinese manufacturing PMI data triggered fresh selling in the New Zealand dollar, Chinese manufacturing PMI report came in at lowest levels in two years
- NZD/USD extended its descent from Friday overnight, fell to as low as 0.6571, and is currently paring some of its loses to trade at 0.6583
- Price action was rejected by highs at 0.6673 on Friday, Stochs see bearish crossover and 4-hourly price action has dipped below the cloud
- Next resistance is located at 0.6603 (4h Tenkan-Sen) above which it could extend gains to 0.6642 (July 27 High)
- On the downside immediate support might be located at 0.6556 (July 27 Low) below that at 0.6544 (Session low July 31)
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