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20 Dec 2013
NZD/USD bouncing from 0.8149 bottoms
FXstreet.com (Chicago) - NZD/USD consolidates a reversal after hitting 2-week lows below the 0.8150 zone shortly after the release of positive US GDP data.
NZD/USD Technical Levels
Price action reveals the pair extends the bearish channel following the movement supported by the secondary trend – diverging with the primary – shortly after the release of better than expected US GDP data. Hitting 2-week lows at 0.8149, the pair struggles to handle the bearish pressure that leaves the pair with a +100 pips weekly loss so far. Offered at 0.8176, the pair navigates between the supports aligned at 0.8138 (December 7th lows), 0.8113 (November 26th lows) ahead of 0.8082 (November 28th lows) and the resistances set at 0.8184 (December 12th lows), 0.8238 (December 17th lows) followed by 0.8285 (December 17th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and flows below the EMA20.
NZD/USD Technical Levels
Price action reveals the pair extends the bearish channel following the movement supported by the secondary trend – diverging with the primary – shortly after the release of better than expected US GDP data. Hitting 2-week lows at 0.8149, the pair struggles to handle the bearish pressure that leaves the pair with a +100 pips weekly loss so far. Offered at 0.8176, the pair navigates between the supports aligned at 0.8138 (December 7th lows), 0.8113 (November 26th lows) ahead of 0.8082 (November 28th lows) and the resistances set at 0.8184 (December 12th lows), 0.8238 (December 17th lows) followed by 0.8285 (December 17th highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bearish and flows below the EMA20.