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NZD/USD pressured at highs through the 0.79 handle

FXStreet (Guatemala) - NZD/USD is trading at 0.7886, up 0.14% on the day, having posted a daily high at 0.7930 and low at 0.7841.

NZD/USD continues to build a base on the 0.78 handle and attempts to the upside are being met with minor resistance. The longer-term trend weighs on the overall outlook for the pair, but for now, at least, the bird sits proudly on its perch despite demand for the greenback.

The recent data hasn’t dne the bird many favours, although New Zealand's October Manufacturing PMI climbed to 59.3 from the revised 58.5. As analysts at TD Securities pointed out, this is the fastest pace in 15 months and the 25th straight month over 50. Then the the analysts note that the ANZ Consumer Confidence for November fell to 121.8 from 123.4. “Oct REINZ House Price Index showed house price inflation slowing to 3.9% y/y from 4.1% y/y prior, the smallest rise since April 2012”.

NZD/USD noteworthy levels

Current price is 0.7887, with resistance ahead at 0.7889 (Hourly 20 EMA), 0.7908 (Yesterday's High), 0.7925 (Daily Classic R1), 0.7930 (Daily High) and 0.7933 (Weekly Classic R2). Next support to the downside can be found at 0.7878 (Daily Open), 0.7876 (Weekly High), 0.7859 (Daily Classic PP), 0.7841 (Daily Low) and 0.7839 (Weekly Classic R1).

United States Monthly Budget Statement came in at $-121.7B, below expectations ($-111.7B) in October

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