NZD/USD struggling for direction below 0.7300 handle
|The NZD/USD pair oscillated in a narrow trading band and has now managed to recovery from session low to currently trade in neutral territory.
Currently hovering around 0.7285 region, the pair was virtually unchanged from Wednesday's closing level and has failed to gain any impetus from US economic releases that showed upward revision of the GDP growth for the second quarter of 2016 and lower-than-expected rise in US weekly jobless claims, continuing to point towards steady improvement in the labor market.
Meanwhile, the greenback some of its gains after the disappointing release of pending home sales data that came-in to show a drop of 2.4% in August as compared to consensus estimates pointing to a flat reading.
The pair, however, remained stuck within daily trading range as traders now look forward to the release of Chinese services PMI during early Asian session on Friday.
Technical levels to watch
Immediate upside hurdle remains near 0.7300 handle, which if cleared seems to assist the pair further towards 0.7350-55 region. Meanwhile on the downside, weakness below session low support near 0.7255, and a subsequent break below 50-day SMA support near 0.7245-40 region, is likely to accelerate the slide towards weekly low support near 0.7220 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.