FXstreet.com (Barcelona) – The pair has notched its second straight day in which it has been almost exclusively entrenched in negative territory. The mixed results in China, specifically the Export figures, have inflicted the markets with the specter of risk aversion in European trading, sinking the NZD.
In the Chinese economy, the Trade Balance blew away expectations in the month of June, posting a result of 31.73B against consensus estimates of only 18.70B. The situation with Exports (MoM) and Imports (MoM) was mixed however, as Exports grew +11.3% in May vs. +9.9% expected, while Imports missed estimates by growing only +6.3% vs. a consensus of +12.7%, causing widespread nervousness of growth concerns.
The cross is trading in the area of 0.7943, dropping -0.26% below its opening level. The technical analysts at ICN.com have identified the next supports at 0.7930, followed by 0.7900 and finally 0.7885. On the upside, a rise above 0.7895 will initiate the resistances at 0.8015 and ultimately 0.8080.