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NZD/USD took off from one year low and stalled at 0.8070 resistance

FXStreet (Moscow) - NZD/USD started the day on a positive note as the pair climbed to 0.8072 after having opened at 0.8048.

Kiwi tries to rise from knees

NZD/USD reached another multi-month low on Tuesday. The pair dropped below 0.8100 support and cracked technically important 0.8080/70 area that had stopped the downside earlier this year. While technical picture looks gloomy, kiwi is definitely oversold and ripe for correction. Thus no wonder that traders used positive New Zealand trade balance numbers as a pretext to take profits on short kiwi positions. NZD/USD has recovered some ground, but failed to climb back above the said area of 0.8080/70 so far. While a sustained movement above 0.8100 is needed to improve short-term sentiments.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.8081, with support below at 0.8013, 0.7975 and 0.7907 with resistance above at 0.8119, 0.8187 and 0.8225. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8144 and the daily 20EMA bearish at 0.8222. Hourly RSI is bearish at 43

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