Wednesday, September 23, 2015

NZD/USD consolidates to the downside post China PMI

FXStreet (Mumbai) - The New Zealand dollar remains heavy versus its American counterpart in the European morning, with NZD/USD now testing lows bear 0.6260 levels, as markets continue to digest the latest below estimates Chinese manufacturing PMI reading.

NZD/USD at two-week lows

Currently, the NZD/USD pair trades -0.44% lower at 0.6265, languishing close to two-week lows struck at 0.6256. NZD/USD remains relentlessly offered on Wednesday as the antipodean suffered a set-back after China's factory gauge hit a six-and-a-half-year low.

The Caixin-Markit China Manufacturing PMI fell to a preliminary 47.0 in September from 47.3 last month, raising fears over external Chinese demand. China is New Zealand’s top export destination.

Meanwhile, NZD/USD is expected to track broader market sentiment and also its OZ counterpart as Chinese data continues to remain a drag on investors’ mind.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6301 (Today’s High) levels and above which it could extend gains to 0.6392 (Sept 21 High) levels. To the downside immediate support might be located at 0.6241 (Sept 7 Low) below that 0.6200 (2009 Levels).
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