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May 27, 2013
NZD/USD sidelined around 0.8080/85
FXstreet.com (Barcelona) - The kiwi dollar seems to have stabilized around the area of 0.8080/85 on Monday, as markets remained surrendered to the global inactivity.
“The long-awaited unwind of extremely long speculative positioning appears to be underway. The breakdown heralds a further decline to 0.7800 during the weeks ahead”, suggested Sean Callow, Strategist at Westpac.
As of writing, the pair is down 0.21% at 0.8084 and a breach of 0.8066 (50% of 0.7456-0.8676) would open the door to 0.8032 (high Sep.6) and then 0.8006 (low May 23). On the other hand, resistance levels line up at 0.8128 (high May 24) ahead of 0.8156 (MA10d) and finally 0.8171 (high May 23).
“The long-awaited unwind of extremely long speculative positioning appears to be underway. The breakdown heralds a further decline to 0.7800 during the weeks ahead”, suggested Sean Callow, Strategist at Westpac.
As of writing, the pair is down 0.21% at 0.8084 and a breach of 0.8066 (50% of 0.7456-0.8676) would open the door to 0.8032 (high Sep.6) and then 0.8006 (low May 23). On the other hand, resistance levels line up at 0.8128 (high May 24) ahead of 0.8156 (MA10d) and finally 0.8171 (high May 23).