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21 Apr 2016
NZD/USD leaving the room below 0.7000
NZD/USD remains on the back-foot with the 0.70 handle out of sight as markets sideline the antipodeans.
Both the Aussie and Kiwi have succumbed to pressures with volatility in the greenback after the ECB where the greenback now takes the lead. Elsewhere, commodities are still big in the picture and US oil has given some ground back today, falling back below $44.00 to trade $43.35 currently. Meanwhile, the calendar is clear for New Zealand and the US.
NZD/USD levels
With a failure on the 0.70 handle, the downside is now compelling as we head lower through the 200 sma at 0.6928 and price headed for a test of 0.6900. Next stop to the downside brings in 0.6869 and S3. To the upside, the 20 sma on the 4hr sticks stands at 0.6986 with the pivot at 0.7701. R1 is located at 0.7031 and R2 at 0.7082.
Both the Aussie and Kiwi have succumbed to pressures with volatility in the greenback after the ECB where the greenback now takes the lead. Elsewhere, commodities are still big in the picture and US oil has given some ground back today, falling back below $44.00 to trade $43.35 currently. Meanwhile, the calendar is clear for New Zealand and the US.
NZD/USD levels
With a failure on the 0.70 handle, the downside is now compelling as we head lower through the 200 sma at 0.6928 and price headed for a test of 0.6900. Next stop to the downside brings in 0.6869 and S3. To the upside, the 20 sma on the 4hr sticks stands at 0.6986 with the pivot at 0.7701. R1 is located at 0.7031 and R2 at 0.7082.