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NZD/USD dragged down below 0.7800 pivot

FXStreet (Moscow) - NZD/USD is under pressure early on Wednesday, as the pair opened at 0.7829 and slid towards the Asian low at 0.7788 on the back of Aussie decline and USD strength across the board.

On the road to the South

Looks like NZD/USD upside correction is over as the pair is back below 0.7800 level. The bearish dynamics started yesterday and gained traction today in Asia as USD is growing against most majors ahead of FOMC minutes published later today. News about change to seasonal adjustment of monthly labour force estimates in Australia took Aussie down and had a knock on effect on kiwi as it is often positively correlated with AUD movements. Technically, the pair is getting closer to the initial support at 0.7786, once below, the downside may be extended towards 0.7738. The upside is limited by 0.7800 pivot

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.7830, with support below at 0.7786, 0.7738 and 0.7694 with resistance above at 0.7878, 0.7922 and 0.7970. Hourly Moving Averages are bearish, with the 200SMA bearish at 0.7825 and the daily 20EMA bearish at 0.7984. Hourly RSI is bearish at 40

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