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NZD/USD forming a double bottom?

FXStreet (Barcelona) -NZD/USD is trading at 0.7813, up 0.56% on the day, having posted a daily high at 0.7820 and low at 0.7713.

NZD/USD has taken back some ground onto the 0.78 handle with traders cashing in on the advances made post non from payrolls last week and ahead of a key support zone which may equate to a double bottom should the upside follow through. Trading is light however at the start of the week and ahead of the FOMC this week as the main event for the pair. However, domestically from New Zealand, Analysts at TD Securities explained that there are two data releases worth keeping on eye on this week. On Tuesday, they suggested that the NZIER Business Survey for Q3 is likely to reflect pre-election jitters and a drop in confidence if the monthly ANZ Confidence data is a guide. “That said, the ‘own activity’ measure is what we will be watching –we expect it to be consistent with 4% annual growth”. The REINZ Homes sales and prices set for September are also released this week.

NZD/USD noteworthy levels

With spot trading at 0.7814, we can see next resistance ahead at 0.7820, 0.7860 (Hourly 200 SMA), 0.7877 (Daily Classic R1) and 0.7897 (Weekly Classic R1). Support below can be found at 0.7808 (Daily Classic PP), 0.7802 (Weekly Classic PP), 0.7787 (Hourly 20 EMA), 0.7772 (Daily Open) and 0.7765 (Monthly Low).

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