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NZD/USD consolidates losses at mid-0.84

FXStreet (Moscow) - NZD/USD is slightly positive in Asia as the pair opened the day at 0.8463 and climbed to 0.8473.

What goes up must come down

It was the fourth negative week for kiwi that has tumbled from its lofty heights at 0.8835 to the trough of 0.8420. NZD/USD managed to finish the week marginally above an important resistance level of 0.8450, which means the upside correction may extend towards 0.8470 and 0.8500. Though, while 0.85 handle is not cleared, bulls do not have a chance. This week is less interesting fromm the fundamental point of view, but there are several factors that may affect kiwi's movemets. First of all, overall USD sentiments are of great importance as they will play the first fiddle on FX markets this week. If the American currency continue to grind higher due to better economic data or risk aversive play, NZD/USD might return to the previous week's low at 0.8420. This support is deemed rather strong as it is the last defence before 0.8400 and 0.8380. Theshort-term resistance is seen at 0.8470.

What price levels and patterns have to be considered?

Spot is presently trading at 0.8470, and next resistance can be seen at 0.8472 (Hourly 100 SMA), 0.8473 (Weekly Classic PP), 0.8476 (Daily High), 0.8487 (Hourly 200 SMA) and 0.8492 (Yesterday's High).

Support below can be found at 0.8465 (Hourly 20 EMA), 0.8462 (Monthly Low), 0.8462 (Weekly Low), 0.8462 (Daily Classic PP) and 0.8460 (Daily Open).

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