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3 Apr 2014
NZD/USD resumed sliding after a weak upside correction
FXStreet (Moscow) - NZD/USD is correcting lower from the Asian highs of 0.8582 within a well-established short-term downside trend
Kiwi bulls are crying over spilled milk
NZD/USD is out of luck as as the pair has been falling for the third day in a row. Investors and speculators are worried about the downside pressure on the dairy prices - the key export commodity of New Zealand. Sure enough that this negative trend - if it proves to be sustainable - might hurt the New Zealand economy, but we believe that kiwi traders just used it as a pretext to cover long positions and take profit on a highly overbought market. The closest important support for NZD/USD is seen at 0.8520 followed by 0.8500. This area is likely to limit the intraday downside. The upside correction (if any) might be capped by Asian high at 0.8580
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8586, with support below at 0.8532, 0.8494 and 0.8440, with resistance above at 0.8624, 0.8678 and 0.8716. Hourly Moving Averages are bearish, with the 200SMA at 0.8613 and the daily 20EMA at 0.8553. Hourly RSI is neutral at 31.
Kiwi bulls are crying over spilled milk
NZD/USD is out of luck as as the pair has been falling for the third day in a row. Investors and speculators are worried about the downside pressure on the dairy prices - the key export commodity of New Zealand. Sure enough that this negative trend - if it proves to be sustainable - might hurt the New Zealand economy, but we believe that kiwi traders just used it as a pretext to cover long positions and take profit on a highly overbought market. The closest important support for NZD/USD is seen at 0.8520 followed by 0.8500. This area is likely to limit the intraday downside. The upside correction (if any) might be capped by Asian high at 0.8580
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8586, with support below at 0.8532, 0.8494 and 0.8440, with resistance above at 0.8624, 0.8678 and 0.8716. Hourly Moving Averages are bearish, with the 200SMA at 0.8613 and the daily 20EMA at 0.8553. Hourly RSI is neutral at 31.