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NZD/USD above 0.8300, but still under pressure

FXStreet (Moscow) - NZD/USD gapped to 0.8307 at the opening, but managed to recover towards its current level on 0.8322, thus closing the gap.

Not everything is lost

NZD/USD has been falling three weeks in a row. A series of lower lows and lower highs on weekly chart leaves no room for optimism from the longer-term perspective. On daily charts the picture is a bit brighter as kiwi managed to recover from new multi-month lows at 0.8269 and finished Friday above 0.8300 pivot. It means that a short-term upside correction from the oversold levels might be in store, though we need a sustained break above 0.8347 to hope for a movement towards the next bullish target at 0.8376. On the downside, 0.8300 is the key. As long as the pair stays above, kiwi bulls have a chance.

What price levels and patterns have to be considered?

Spot is presently trading at 0.8322, and next resistance can be seen at 0.8330 where a number of technical levels are clustered (Daily High, Weekly Classic PP), 0.8345 (Hourly 200 SMA), 0.8349 (Yesterday's High) and 0.8363 (Daily Classic R1).

Support below can be found at 0.8320 (Hourly 100 SMA) and 0.8310 (Daily Open), strengthened by monthly low at 0.8307.

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