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FXStreet (Moscow) - NZD/USD recovered to 0.8585 and resumed the downside as market is inclined to sell the pair on rallies.
It is so difficult to rise from knees
Kiwi is set to know what the hell looks like as it has been falling for no less than 12 days in a row. This is not something to sneezed at. From the technical point of view NZD/USD is seriously oversold and the risk of upside correction is high as ing as the pair holds above yesterday’s low of 0.8559. ANZ Business Confidence indicator came to at 39.7% in July vs. 42.8% in June and had a good chance to become the last nail in the kiwi's coffin. But the reaction was subduer, which allows to suggest that the bearish dynamics is running out of steam (for the time being).
What price levels and patterns have to be considered?
Spot is presently trading at 0.8573, and next resistance can be seen at 0.8573 (Daily Open), 0.8585 (Hourly 20 EMA), 0.8589 (Daily High), 0.8615 (Daily Classic PP) and 0.8616 (Weekly Classic S1).
Support below can be found at 0.8572 (Monthly Low), 0.8572 (Weekly Low), 0.8568 (Yesterday's Low), 0.8560 (Daily Low) and 0.8545 (Weekly Classic S2).
25 Jul 2014
NZD/USD recovery attempts stalled at 0.8585
FXStreet (Moscow) - NZD/USD recovered to 0.8585 and resumed the downside as market is inclined to sell the pair on rallies.
It is so difficult to rise from knees
Kiwi is set to know what the hell looks like as it has been falling for no less than 12 days in a row. This is not something to sneezed at. From the technical point of view NZD/USD is seriously oversold and the risk of upside correction is high as ing as the pair holds above yesterday’s low of 0.8559. ANZ Business Confidence indicator came to at 39.7% in July vs. 42.8% in June and had a good chance to become the last nail in the kiwi's coffin. But the reaction was subduer, which allows to suggest that the bearish dynamics is running out of steam (for the time being).
What price levels and patterns have to be considered?
Spot is presently trading at 0.8573, and next resistance can be seen at 0.8573 (Daily Open), 0.8585 (Hourly 20 EMA), 0.8589 (Daily High), 0.8615 (Daily Classic PP) and 0.8616 (Weekly Classic S1).
Support below can be found at 0.8572 (Monthly Low), 0.8572 (Weekly Low), 0.8568 (Yesterday's Low), 0.8560 (Daily Low) and 0.8545 (Weekly Classic S2).