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Kiwi consolidates gains below 0.8100

FXstreet.com (Barcelona) - The Kiwi finished the day sharply higher, retracing all of last Friday’s losses and finishing up 130 pips at 0.8098. Economic data out of NZD will be light in the coming session, but market participants should be aware of the RBA rate decision due out at 4:30GMT which may influence the pair.

From a short term technical perspective, the 1 hour charts are showing some constructive developments which may help lead to additional gains in the coming session. The RSI (14) has confirmed a bull shift, consolidating above the 60 level which will be something to monitor later in the Asia trade. Shorter term moving averages have also made some bullish developments, with price above both the 9 and 20 dma’s.

The FXStreet.com Trend Index remains in slightly bearish set up on the daily chart, while the OB/OS index reads oversold. Short term moving averages also remain in slightly bearish set up, with price consolidating between the 9 and 20dma’s. Initial resistance sits at 0.8118 (previous day high), followed by 0.8156 (the 20dma). Initial support sits at 0.8077 (the 9dma), followed by 0.7942 (previous day low).

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