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21 Apr 2014
NZD/USD battling the support line
FXStreet (Guatemala) - NZD/USD is testing lower through support levels that have until now been active in propping the bird up post its drop from 0.8650.
With FX ranges tight on bank holidays in New Zealand, we can now look ahead for the week. Strategists at TD Securities explained that their favourite contemporaneous domestic demand indicator in net migration for Mar is on Wed followed by the RBNZ decision on Thu where +25bp to 3% is universally expected. Note that the kiwi will also take ANZAC Day off as a public holiday on Fri. Currently, NZD/USD is trading at 0.8558, down -0.21% on the day, having posted a daily high at 0.8603 and low at 0.8555. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Daily RSI sits at 48.85, in neutral territory.
Looking to momentum indicators in NZD/USD
The hourly 200 SMA is currently at 0.8577, down from the last close at 0.8639 and declining. Over the past 20 days, the exponential average closing price is 0.8608, and trending lower.
NZD/USD Levels
Current price is 0.8559, with resistance ahead at 0.8564 (Daily Classic S1), 0.8566 (Yesterday's Low), 0.8569 (Weekly Low), 0.8571 (Hourly 20 EMA) and 0.8573 (Daily Open). Next support to the downside can be found at 0.8555 (Daily Low), 0.8551 (Daily Classic S2), 0.8537 (Monthly Low), 0.8535 (Daily Classic S3) and 0.8528 (Weekly Classic S1).
With FX ranges tight on bank holidays in New Zealand, we can now look ahead for the week. Strategists at TD Securities explained that their favourite contemporaneous domestic demand indicator in net migration for Mar is on Wed followed by the RBNZ decision on Thu where +25bp to 3% is universally expected. Note that the kiwi will also take ANZAC Day off as a public holiday on Fri. Currently, NZD/USD is trading at 0.8558, down -0.21% on the day, having posted a daily high at 0.8603 and low at 0.8555. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish. Daily RSI sits at 48.85, in neutral territory.
Looking to momentum indicators in NZD/USD
The hourly 200 SMA is currently at 0.8577, down from the last close at 0.8639 and declining. Over the past 20 days, the exponential average closing price is 0.8608, and trending lower.
NZD/USD Levels
Current price is 0.8559, with resistance ahead at 0.8564 (Daily Classic S1), 0.8566 (Yesterday's Low), 0.8569 (Weekly Low), 0.8571 (Hourly 20 EMA) and 0.8573 (Daily Open). Next support to the downside can be found at 0.8555 (Daily Low), 0.8551 (Daily Classic S2), 0.8537 (Monthly Low), 0.8535 (Daily Classic S3) and 0.8528 (Weekly Classic S1).