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11 Dec 2013
NZD/USD bounces at 0.8200 ahead of RBNZ decision
FXstreet.com (San Francisco) - After falling around 135 pips since Tuesday's highs at 0.8335, the NZD/USD seems to have found support at the 0.8200 level where the pair has bounced back to price at 0.8245.
Currently, the NZD/USD is trading at 0.8235, 0.85% negative on the day. The short term perspective is strongly bearish according to the FXstreet.com trend index. MACD, CCI and Momentum are pointing to the south while the Stochastic is Neutral.
NZD/USD bias
NZD/USD was dragged lower this Wednesday by falling commodities, with the pair standing now around 0.8240, and the 4 hours chart presenting a clear bearish tone, as indicators head lower below their midlines and price stands well below 20 SMA," FXstreet.com chief analyst Valeria Bednarik comments.
However, RBNZ monetary decision can affect price much strongly than any technical reading today, with mentioned 20 SMA around 0.8280 as key resistance level to overcome to see the pair reversing losses and extending gains. On the other hand, "a break below 0.8200 will increase the bearish potential towards 0.8140/50 area, next short term support," concluded Bednarik.
Currently, the NZD/USD is trading at 0.8235, 0.85% negative on the day. The short term perspective is strongly bearish according to the FXstreet.com trend index. MACD, CCI and Momentum are pointing to the south while the Stochastic is Neutral.
NZD/USD bias
NZD/USD was dragged lower this Wednesday by falling commodities, with the pair standing now around 0.8240, and the 4 hours chart presenting a clear bearish tone, as indicators head lower below their midlines and price stands well below 20 SMA," FXstreet.com chief analyst Valeria Bednarik comments.
However, RBNZ monetary decision can affect price much strongly than any technical reading today, with mentioned 20 SMA around 0.8280 as key resistance level to overcome to see the pair reversing losses and extending gains. On the other hand, "a break below 0.8200 will increase the bearish potential towards 0.8140/50 area, next short term support," concluded Bednarik.