Forex: NZD/USD extends bears’ gains

on Aug 23, 2013
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_iNVEZZ.com August Friday 23rd_: An indecisive candle formed yesterday with the price opening at 0.7841, reaching a low at 0.7803, a high at 0.7864 and closing at 0.7835. The bears and the bulls cancelled each other out. However, the pair didn’t divert from the current week’s downslide from the 0.8160 resistance level and ended the day with a tiny 0.06 percent loss.

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So far today the bears have won out and at press time the NZD/USD is changing hands at 0.7777, 0.58 percent below the opening price. The 0.7800 psychological level has been left behind and the intraday low of 0.7764 is a 15-day bottom. Thus far the current weekly loss is 3.30 percent. The decline was supported strongly by the MACD (9,12,1) divergence on the daily chart, which is still influencing the price.

At the moment the price action is testing the flat 200-week simple moving average, which is residing at 0.7797 and may force a daily close above this value.
On the timeframes 1H, 4H and 1D the 89- and 200-period simple moving averages are floating above the price action, indicating bearish sentiment, which is also pointed to by the MACD being negative on the same scales.

If the price depreciates more, the next target would be the 5 August low of 0.7735, followed by the strong support level of 0.7700.
!fm[](/uploads/story/5049/nzdusddaily_2308.png)

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Forex: Afternoon update: Eurozone’s manufacturing activity performs better in August Forex: NZD/USD continues to feed the bears

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http://nvz.bz/11wHFMJ

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