NZD/USD crumbles to 3-week depths

FXstreet.com (Chicago) - NZD/USD fell to 0.7811 3-week lows to accumulate 0.25% daily losses so far as steady decline continues on strengthening of the US dollar amid speculations on Fed’s tapering and positive Chinese manufacturing data.

Price action indicates a steady decline led by bearish bias generating sell off. At 0.7823, the pair trades close to immediate support at 0.7820 (July 7th highs) which, if broken, faces 0.7800 (July 13th highs) and 0.7777 (July 10th lows). On the upside, resistances are aligned at 0.7847 (July 16th lows), 0.7864 (August 5th highs) followed by 0.7880 (July 8th highs).

According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis, trading below the EMA20.