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3 Jun 2014
NZD/USD recovery falters ahead of 100-day SMA
FXStreet (Córdoba) - The NZD/USD bounced from a 2 ½-month low and trimmed some of its recent losses Tuesday, moving in tandem with a firmer AUD.
The Kiwi managed to recover from a low of 0.8468 and reached a daily high of 0.8476, although the bounce stalled just shy of the 100-day SMA (0.8480). At time of writing, the NZD/USD is trading at the 0.8460 area, still up 0.13% on the day.
The New Zealand dollar has been under pressure lately amid concerns about the impact of lower dairy prices on the economy and ahead of the RBNZ meeting next Thursday, with the pair hitting its lowest since March 12 during the Asian session.
NZD/USD levels to watch
In terms of technical levels, if the NZD/USD managed to clear the 0.8480 area (100-day SMA), next resistances could be found at 0.8500 (psychological level) and 0.8515 (May 30 high). On the other hand, supports are seen at 0.8438 (Jun 3 low), 0.8405/00 (Mar 6 low/psychological level) and 0.8374 (Mar 5 low).
The Kiwi managed to recover from a low of 0.8468 and reached a daily high of 0.8476, although the bounce stalled just shy of the 100-day SMA (0.8480). At time of writing, the NZD/USD is trading at the 0.8460 area, still up 0.13% on the day.
The New Zealand dollar has been under pressure lately amid concerns about the impact of lower dairy prices on the economy and ahead of the RBNZ meeting next Thursday, with the pair hitting its lowest since March 12 during the Asian session.
NZD/USD levels to watch
In terms of technical levels, if the NZD/USD managed to clear the 0.8480 area (100-day SMA), next resistances could be found at 0.8500 (psychological level) and 0.8515 (May 30 high). On the other hand, supports are seen at 0.8438 (Jun 3 low), 0.8405/00 (Mar 6 low/psychological level) and 0.8374 (Mar 5 low).