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NZD/UD RSI offers potential for lower yet

FXStreet (Barcelona) - NZD/USD> is trading at 0.7869, down -0.72% on the day, having posted a daily high at 0.7957 and low at 0.7861.

NZD/USD seems to be finishing up here, over 260 pips down on the week, with RSI weekly at 31 that opens up potential for further losses into the forthcoming weeks ahead. Attention has also turned of late to the recent comments form the RBNZ and the hype around intervention when the RBNZ surprised by releasing a long-form statement explaining their reasoning for calling the NZD both unsustainable and unjustified, as noted by RBS analysts. “The Bank noted that both unsustainable and unjustified levels of the FX rate "are important considerations in assessing whether exchange rate intervention is feasible." Over the weekend, the RBNZ will release its monthly intervention totals for September. These will show whether the statement was in preparation for a potential future intervention or a pre-emptive justification of FX intervention that has already begun”.

NZD/USD note worthy levels

Current price is 0.7870, with resistance ahead at 0.7905 (Weekly Classic S3), 0.7913, 0.7924 and 0.7926 (Monthly Low). Next support to the downside can be found at 0.7866 (Daily Classic S1), 0.7861, 0.7807 (Daily Classic S2), 0.7700 (Daily Classic S3) and 0.7389.

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