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19 Aug 2013
NZD/USD, bounces off lows; potential reversal in the making
FXstreet.com (Chicago) - NZD/USD accumulates 0.37% daily losses so far as it attempts to recover sunken pips advancing 0.04% within the past hour. The pair traded above 0.81 zone earlier in Asia after a strong short-lived rally.
The commodity currency pairs, Aussie and kiwi, lost ground against a stronger greenback but seem now to be holding on to bearish biases. Gold fell from two-month high amid Fed’s expectations on monetary stimulus while the dollar edged higher along treasury yields rising to the highest level since 2011.
Price action indicates a potential reversal may be forming as the kiwi has gained strength within the past hour after falling 0.45% since the opening of the journey. At 0.8073, the pair oscillates between supports at 0.8056 (intraday lows), 0.8036 (August 12th highs) ahead of 0.8014 (July 31st highs) and resistances at 0.8100 (July 24th highs), 0.8125 (August 15th highs) followed by 0.8140 (June 14th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis with an EMA20 above the current price.
The commodity currency pairs, Aussie and kiwi, lost ground against a stronger greenback but seem now to be holding on to bearish biases. Gold fell from two-month high amid Fed’s expectations on monetary stimulus while the dollar edged higher along treasury yields rising to the highest level since 2011.
Price action indicates a potential reversal may be forming as the kiwi has gained strength within the past hour after falling 0.45% since the opening of the journey. At 0.8073, the pair oscillates between supports at 0.8056 (intraday lows), 0.8036 (August 12th highs) ahead of 0.8014 (July 31st highs) and resistances at 0.8100 (July 24th highs), 0.8125 (August 15th highs) followed by 0.8140 (June 14th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis with an EMA20 above the current price.