Forex: NZD/USD continues to feed the bears

on Aug 21, 2013
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_iNVEZZ.com August Wednesday 21th_: Yesterday the NZD/USD registered its biggest loss since 5 July, dropping 1.04 percent. The daily candle opened at 0.8058 and closed at 0.7954. The trading range was from 0.8068 to 0.7941. The pair broke through the 0.8000 psychological level, which subsequently acted as a resistance and pushed the price further downwards.

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Forex: NZD/USD: Bulls overboard Forex: Afternoon update: US dollar weakened by speculation

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Today the NZD/USD fell to an 11-day low – the intraday bottom of 0.7890. At the moment the pair is trading at 0.7936 – a 46-pip rebound from the 0.7890 support. The 0.7915 support level also helped the price to rise. The price is approaching to the point where it will test the former support of 0.7940, which is now acting as a resistance.

The pair today breached the daily fractal 0.7933
The daily MACD (9,12,1) oscillator is still in a divergence mode and the price may fall further. The bearish outlook is supported by the 89- and 200-period simple moving averages residing above the current price levels on the daily, 4H and 1H timeframes. The four-hour ascending SMA200 is right now staying at 0.7942 and may add resistance.

Further downwards the NZD/USD would be targeting the 5 August low of 0.7735 first and the strong support level of 0.7700, below which the larger downtrend from the 11 April high of 0.8675 will be continued.
!fm[](/uploads/story/4982/nzdusddaily_2108.png)

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Forex: NZD/USD: Bulls overboard Forex: Afternoon update: US dollar weakened by speculation

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http://nvz.bz/11wHFMJ

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