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How deep is the rabbit hole for NZD/USD below 0.79 pivot?



FXStreet (Moscow) - NZD/USD recovery towards 0.79 failed, the bearish momentum is gaining traction as the pair trades at 0.7890


Kiwi explores how deep is the rabbit's hole

RBNZ cough markets napping claiming that Kiwi is too strong and needs to go lower despite the fact that NZD/USD has already lost more than 900 pips since its peak reached in June. The currency pair dropped below 0.7900 and continued moving down after a failed attempt to recover above the pivot. The downside is developing like a snowball now as stops, triggered below 0.7900/95 has increased the bearish pressure. from the fundamental point of view, the market focus shifts onto US GDP data tat might become another nail int the Kiwi’s coffin.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.7973, with support below at 0.7866, 0.7807 and 0.7700 with resistance above at 0.8032, 0.8139 and 0.8198. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.8104 and the daily 20EMA bearish at 0.8181. Hourly RSI is bearish at 29

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USD/JPY peeked above 109.00 for a fraction of a second and returned to the area below the pivot; currently the pair is trading at 108.95, off from the Asian low at 108.47.
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