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21 Aug 2015
NZD/USD: Weakness persists as China fears deepens
FXStreet (Mumbai) - NZD/USD took a hit in the Asian session and extends losses in the early European trades, halting tis recent up streak, as generalized risk-aversion took over across the FX space on global equities sell-off and worse than expectations China PMI report.
NZD/USD struggling above 0.66 handle
Currently, the NZD/USD pair drops -0.18% to 0.6618, testing lows just ahead of 0.66 barrier. The NZD/USD pair keeps losses, although remains least hit by the China turmoil so far, as risk-off sentiment fuelled by deepening crisis in the Chinese economy weighed on riskier currencies.
Worries over China's economy deepened on Friday, after the latest report showed the country's manufacturing index slumped to its lowest in 77 months in August.
However, providing some support to the Kiwi, the greenback remains broadly weaker on the back of unexpectedly dovish FOMC minutes.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6656 (Aug 12 High) levels and above which it could extend gains 0.6683 (July 31 High) levels. To the downside immediate support might be located at 0.6576 (Aug 20 Low) below that at 0.6515 (Aug 11 Low).
NZD/USD struggling above 0.66 handle
Currently, the NZD/USD pair drops -0.18% to 0.6618, testing lows just ahead of 0.66 barrier. The NZD/USD pair keeps losses, although remains least hit by the China turmoil so far, as risk-off sentiment fuelled by deepening crisis in the Chinese economy weighed on riskier currencies.
Worries over China's economy deepened on Friday, after the latest report showed the country's manufacturing index slumped to its lowest in 77 months in August.
However, providing some support to the Kiwi, the greenback remains broadly weaker on the back of unexpectedly dovish FOMC minutes.
NZD/USD Levels to consider
To the upside, the next resistance is located at 0.6656 (Aug 12 High) levels and above which it could extend gains 0.6683 (July 31 High) levels. To the downside immediate support might be located at 0.6576 (Aug 20 Low) below that at 0.6515 (Aug 11 Low).