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19 Feb 2014
NZD/USD is firmly below 0.8300 and attacking the next barrier at 0.8280
FXStreet (Moscow) - NZD/USD has been retreating since the start of the week and nothing has changed so far. The currency pair opened at 0.8306, but quickly and easily moved below the support level of 0.8300 and continued to go down. the current low is 0.8280, though the selling pressure is still high.
Kiwi grieves over Chinese data
It looks like the kiwi has entered the correction phase after a good bull run from the lows of February 4. The strong resistance level visible on daily charts appeared to be too tough for kiwi bulls. From the fundamental point of view today’s the general selling pressure has been intensified by poor the news from China, where the business sentiment hit 5-year low at 50.2 in February against 52.2 in January. This report is published ahead of flash PMI in manufacturing scheduled for tomorrow and suggests gloomy thoughts about Chinese economy. The Kiwi is sensitive to what’s happening in China, so it is being sold out. NZD/USD bears is trying to push the pair below 0.8280 support level, should they succeed, 0.8249 will come into play. On the upside, the pair needs to return above 0.8300 to improve its short-term technical picture.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8330, with support below at 0.8278, 0.8249 and 0.8197, with resistance above at 0.8359, 0.8411 and 0.8440. Hourly Moving Averages are bearish, with the 200SMA at 0.8315 and the daily 20EMA at 0.8282. Hourly RSI is neutral at 36
Kiwi grieves over Chinese data
It looks like the kiwi has entered the correction phase after a good bull run from the lows of February 4. The strong resistance level visible on daily charts appeared to be too tough for kiwi bulls. From the fundamental point of view today’s the general selling pressure has been intensified by poor the news from China, where the business sentiment hit 5-year low at 50.2 in February against 52.2 in January. This report is published ahead of flash PMI in manufacturing scheduled for tomorrow and suggests gloomy thoughts about Chinese economy. The Kiwi is sensitive to what’s happening in China, so it is being sold out. NZD/USD bears is trying to push the pair below 0.8280 support level, should they succeed, 0.8249 will come into play. On the upside, the pair needs to return above 0.8300 to improve its short-term technical picture.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8330, with support below at 0.8278, 0.8249 and 0.8197, with resistance above at 0.8359, 0.8411 and 0.8440. Hourly Moving Averages are bearish, with the 200SMA at 0.8315 and the daily 20EMA at 0.8282. Hourly RSI is neutral at 36