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3 Mar 2014
Kiwi is trying to recover from the current lows at 0.8342
FXStreet (Moscow) - NZD/USD touched the intraday low at 0.8342 after the Chinese PMI data confirmed that the largest Asian economy is softening; but the demand located around the support area of 0.8350 eased the downside momentum and helped the pair to return to 0.8357.
Kiwi is on the verge of correction
NZD/USD reversed the losses of the previous week and even tried to grow above 0.8400, but retreated back to 0.8398 by the end of the week. So on the longer term scale we are still in the consolidation mode as long as 0.8390-0.8400 area is unbroken. Overseas Trade Index in New Zealand came out at 2.3% q/q, better that expected, but worse than in 3Q. The news was largely ignored. Today geopolitics and China softening buzz might have a bigger influence on the Kiwi movements as anti-risk sentiments are usually negative for commodity currencies. From the fundamental point of view US Manufacturing ISM numbers shall support the Dollar should they come better than expect. The key levels to watch: 0.8378 on the upside, if broken, 0.8400 will come into sight; and 0.8340 followed by 0.8300 on the downside.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8390, with support below at 0.8353, 0.8322 and 0.8285, with resistance above at 0.8421, 0.8458 and 0.8489. Hourly Moving Averages are mixed, with the 200SMA at 0.8322 and the daily 20EMA at 0.8308. Hourly RSI is neutral at 34
Kiwi is on the verge of correction
NZD/USD reversed the losses of the previous week and even tried to grow above 0.8400, but retreated back to 0.8398 by the end of the week. So on the longer term scale we are still in the consolidation mode as long as 0.8390-0.8400 area is unbroken. Overseas Trade Index in New Zealand came out at 2.3% q/q, better that expected, but worse than in 3Q. The news was largely ignored. Today geopolitics and China softening buzz might have a bigger influence on the Kiwi movements as anti-risk sentiments are usually negative for commodity currencies. From the fundamental point of view US Manufacturing ISM numbers shall support the Dollar should they come better than expect. The key levels to watch: 0.8378 on the upside, if broken, 0.8400 will come into sight; and 0.8340 followed by 0.8300 on the downside.
What are today’s key NZD/USD levels?
Today's central pivot point can be found at 0.8390, with support below at 0.8353, 0.8322 and 0.8285, with resistance above at 0.8421, 0.8458 and 0.8489. Hourly Moving Averages are mixed, with the 200SMA at 0.8322 and the daily 20EMA at 0.8308. Hourly RSI is neutral at 34