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NZD/USD pressuring the downside through 0.84 handle

FXStreet (Guatemala) - NZD/USD is trading at 0.8391, down -0.17% on the day, having posted a daily high at 0.8409 and low at 0.8388.

NZD/USD is heading through the 0.84 handle towards the end of this week’s session while we await to hear from the Fed chair Yellen who will be delivering the keynote speech at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming at 10am NY. Analysts at Westpac explained that this year’s topic is “Reevaluating Labor Market Dynamics”. “The widespread assumption is that this gives Yellen the chance to expand upon the FOMC statement’s switch from mentioning specific unemployment rates to “there remains significant underutilization of labor resources.” So spec positioning is likely to be for a softer USD in expectation of a dovish tone. As such, there has to be a decent risk of a kneejerk USD bounce on the day but it wouldn’t set the tone for the week ahead. By far the most likely outcome remains further QE tapering in Sep and Oct, meaning the rate hike debate doesn’t really heat up until the Dec FOMC meeting”.

NZD/USD hourly levels

Current price is 0.8392, with resistance ahead at 0.8394 (Hourly 20 EMA), 0.8406 (Daily Open) and 0.8418 (Daily Classic R1). Next support to the downside can be found at 0.8392 (Daily Classic PP) and 0.8361 (Weekly Classic S2).

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