1 Jul 2013
NZD/USD testing the 0.7800 barrier
FXstreet.com (New York) - The NZD/USD foreign exchange rate spiked earlier today, having received an impetus from upbeat US economic data.
NZD/USD US economic data sparks rally
Earlier today in the United States, Construction Spending (MoM) grew only +0.5% in May, against expectations of +0.6%. Moreover, the ISM Manufacturing PMI yielded a figure of 50.9 in June, beating a projection of 50.5. Finally, ISM Prices Paid (June) came in at 52.5, exceeding estimates of 51.5.
NZD/USD pierces 0.7800
Given the recent uptrend, the NZD/USD peaked at the 0.7806 level (intraday high) following the data release, though is now testing the 0.7800 barrier in these moments, en route to a +1.04% gain. According to the Technical Analyst Team at ICN.com, “The NZDUSD rebounded with the start of the week – if we see a continuation of the ongoing bounce and a break above 0.8750 level that would confirm a short term bottom, as price will complete a double bottom pattern.”
NZD/USD US economic data sparks rally
Earlier today in the United States, Construction Spending (MoM) grew only +0.5% in May, against expectations of +0.6%. Moreover, the ISM Manufacturing PMI yielded a figure of 50.9 in June, beating a projection of 50.5. Finally, ISM Prices Paid (June) came in at 52.5, exceeding estimates of 51.5.
NZD/USD pierces 0.7800
Given the recent uptrend, the NZD/USD peaked at the 0.7806 level (intraday high) following the data release, though is now testing the 0.7800 barrier in these moments, en route to a +1.04% gain. According to the Technical Analyst Team at ICN.com, “The NZDUSD rebounded with the start of the week – if we see a continuation of the ongoing bounce and a break above 0.8750 level that would confirm a short term bottom, as price will complete a double bottom pattern.”