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NZD/USD sold on growth towards 0.8200 pivot

FXStreet (Moscow) - Since Asian opening NZD/USD climbed to 0.8200 resistance and retraced back to 0.8186 as strong sell orders capped the upside. The pair is about 10 pips higher on the day and may continue the upside

Feeble recovery attempts

NZD/USD was on mend during European hours on Monday and managed to climb to 0.8180 by the end of the day. The pair was growing during early Asian hours on Tuesday, but upside momentum is not strong enough yet. Weaker than expected US industrial production numbers triggered a sort of profit-taking on long USD positions, but investors’ sentiments are spoiled by Chinese macroeconomic data, where factory output growth slowed to the lows pace in six years. As a consequence, oil priced dropped to new lows, which caused a major sell-off of commodity dollars. NZD/USD recovered to 0.8200, but the downside bias is still strong as long as the above said resistance is unbroken. The downside is likely to be limited by 0.8170 (Asian low) and 0.8146 (Friday’s close).

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.8161, with support below at 0.8138, 0.8101 and 0.8078 with resistance above at 0.8198, 0.8221, and 0.8258. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8243 and the daily 20EMA bearish at 0.8307. Hourly RSI is bullish at 58

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