Investing.com – The New Zealand dollar was trading close to a ten-week high against its U.S. counterpart on Wednesday, testing a key resistance at 0.7825, as optimism over the global economic recovery boosted risk appetite.
NZD/USD hit 0.7825 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7804, dipping 0.1%.
The pair was likely to find support at 0.771, Tuesday’s low and short-term resistance at 0.7825, Tuesday’s high and a ten-week high.
Data on Tuesday showed that the U.S. manufacturing sector grew at its fastest pace since 2004 last month, while a separate report showed that manufacturing activity in the U.K. grew at its fastest pace since 1992.
Elsewhere, Egyptian President Hosni Mubarak said on Tuesday he would step down in a few months once a successor was elected.
The kiwi was also lower against the euro, with EUR/NZD rising 0.18% to hit 1.7732.
Later in the day, the U.S. was to publish private sector employment data compiled by payroll processing company ADP, while New Zealand was to publish fourth quarter unemployment data.
NZD/USD hit 0.7825 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7804, dipping 0.1%.
The pair was likely to find support at 0.771, Tuesday’s low and short-term resistance at 0.7825, Tuesday’s high and a ten-week high.
Data on Tuesday showed that the U.S. manufacturing sector grew at its fastest pace since 2004 last month, while a separate report showed that manufacturing activity in the U.K. grew at its fastest pace since 1992.
Elsewhere, Egyptian President Hosni Mubarak said on Tuesday he would step down in a few months once a successor was elected.
The kiwi was also lower against the euro, with EUR/NZD rising 0.18% to hit 1.7732.
Later in the day, the U.S. was to publish private sector employment data compiled by payroll processing company ADP, while New Zealand was to publish fourth quarter unemployment data.