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NZD/USD recovery stalled at 0.7960 resistance

FXStreet (Moscow) - NZD/USD  has retreated from Asian high at 0.7961 towards 0.7946 as bullish momentum of early hours is fading away


NZD/USD was one of the big gainers of the week. The pair touched a new monthly high at 0.7996 and finished Friday at 0.7925 after having started Monday at 0.7818. The upside movement was caused mainly by USD bearish correction across the board. NZD/USD is deeply oversold after having lost more than 1000 pips since the beginning of July. In this context healthy correction is very welcome. Kiwi is climbing higher in Asia as investors are reacting positively to the news about potentially increased stimulus in China. On the intraday basis, the resistance is seen at 0.7961 (Asian high) and at 0.7996 (previous week’s high). The support comes at 0.7929 and 0.7900.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.7922, with support below at 0.7875, 0.7828 and 0.7781 with resistance above at 0.7969, 0.8016 and 0.8063. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.7885 and the daily 20EMA flat at 0.7940. Hourly RSI is bullish at 54

Asia recap: most majors are still sleeping in a ranges; JPY is weakening

Monday hours are usually calm and slow, it’s best time to reflect on where the currencies might go from here during the week. Most majors are sitting in ranges, near the Friday closing levels with the notable exception of USD/JPY that has gapped higher at the opening
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