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8 Aug 2014
NZD/USD has settled at interim support of 0.8440
FXStreet (Moscow) - NZD/USD is under selling pressure early in Asia; the pair is trading at 0.8444 after opening at 0.8458 as explosive geopolitical situation forces investors to seek safety in low-yielders
Kiwi prays for the best
Kiwi extended its recovery from the trough of 0.8420, but the pivotal resistance of 0.8500 is yet to be conquered as NZD/USD bulls are a bit hesitant in current geopolitically unstable environment. Macroeconomic calendar is rather light today, even US productivity and unit labour cost numbers are unlikely to impress markets ahead of the weekend. Thus some positioning and technical trading may be in store. The initial bullish target is seen at 0.8450, once it is broken, the upside will accelerate towards 0.8470 the downside might be limited by current Asian low 0.8430 followed by 0.8400, where new buyers might emerge.
What price levels and patterns have to be considered?
Current price is 0.8445, with resistance ahead at 0.8451 (Yesterday's Low), 0.8452 (Daily Classic S1), 0.8459 (Daily 200 SMA), 0.8461 (Weekly Classic S1) and 0.8465 (Hourly 20 EMA).
Next support to the downside can be found at 0.8431 (Daily Low), 0.8430 (Daily Classic S2), 0.8411 (Weekly Classic S2), 0.8408 (Daily Classic S3) and 0.8360 (Weekly Classic S3).
Kiwi prays for the best
Kiwi extended its recovery from the trough of 0.8420, but the pivotal resistance of 0.8500 is yet to be conquered as NZD/USD bulls are a bit hesitant in current geopolitically unstable environment. Macroeconomic calendar is rather light today, even US productivity and unit labour cost numbers are unlikely to impress markets ahead of the weekend. Thus some positioning and technical trading may be in store. The initial bullish target is seen at 0.8450, once it is broken, the upside will accelerate towards 0.8470 the downside might be limited by current Asian low 0.8430 followed by 0.8400, where new buyers might emerge.
What price levels and patterns have to be considered?
Current price is 0.8445, with resistance ahead at 0.8451 (Yesterday's Low), 0.8452 (Daily Classic S1), 0.8459 (Daily 200 SMA), 0.8461 (Weekly Classic S1) and 0.8465 (Hourly 20 EMA).
Next support to the downside can be found at 0.8431 (Daily Low), 0.8430 (Daily Classic S2), 0.8411 (Weekly Classic S2), 0.8408 (Daily Classic S3) and 0.8360 (Weekly Classic S3).