NZD/USD back up above 0.78 zone

FXstreet.com (Chicago) - NZD/USD dipped below 0.78 zone momentarily after market participants concerns on Syrian conflict eased on.

Trading at 0.7820, the pair is glued to immediate support in the same zone (August 22nd highs) facing following support at 0.7796 (August 7th lows) ahead of 0.7777 (July 10th lows). On the upside, resistances are aligned at 0.7847 (August 22nd highs), 0.7879 (July 11th highs) followed by 0.7916 (August 6th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis accumulating 0.33% daily losses to yet remain positive at 0.35% weekly gains after an impressive rally throughout Monday. So far, the kiwi has lost about 313 pips against the greenback that is driven by Fed’s concerns, Syrian conflict speculations and safe haven mental models.

Later in the day, the Redbook index, the Richmond Fed Manufacturing Index and the Consumer Confidence indexes are due in the United States.