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NZD/USD back above 0.8100, but not out of woods yet

FXStreet (Moscow) - Since Asian opening NZD/USD is trading at 0.8112, off the Asian low at 0.8078; the pair has recovered about 20 pips on the back of positive NZ GDP data

Off the lows, but not out of woods yet

Kiwi is recovering from heavy Wednesday's losses as New Zealand economy is recording the the fastest pace in 10 years in the second quarter. According to New Zealand’s office of statistics, the GDP grew by 3.9% y/y and beat most expectations. Good news helped kiwi to take off from multi-year lows and return to the area above 0.8100 pivot. While the upside is considered to be a mere correction against recent bearish trend, NZD/USD might enjoy some period of consolidation with upside bias, should the pair manage to finish the day above 0.8100. From the fundamental point of view, keep your eyes peeled for US housing market statistics and don’t miss Yellen’s speech as these events might support USD across the board and push NZD/USD to new lows.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.8127, with support below at 0.8148, 0.8000 and 0.7921 with resistance above at 0.8175, 0.8254, and 0.8302. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8207 and the daily 20EMA bearish at 0.8278. Hourly RSI is bearish at 37

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