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NZD/USD upside is slow and shabby

FXStreet (Moscow) - NZD/USD gained ground early in Asia. The pair started the week at 0.8148 and climbed towers current intraday high at 0.8169; now it is trading at 0.8163.

Gaining ground

NZD/USD has started the week on a positive note as traders we happy to know that Prime Minister John Key won an election victory on the weekend. This news helped to clear out some uncertainty about future New Zealand economic course as Mr. Key is likely to continue implementing his program. While kiwi was growing across the board, NZD/USD upside is seen as temporary as long as the pair trades below the pivotal area of 0.8200/30. Once it is broken, 0.8266 will come into sight. Though later during the day US housing market data may support USD and reverse kiwi gains in a twinkling of an eye. In this case, the pair might return to the current Asian lows at 0.8135 and extend the downside towards 0.81300.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.8139, with support below at 0.8097, 0.8070 and 0.8028 with resistance above at 0.8166, 0.8208 and 0.8235. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8172 and the daily 20EMA bearish at 0.8253. Hourly RSI is bullish at 59

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