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Alert - 14:40 (CET) - NzdUsd
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As we've been highlighting today, there is a renewed appetite for high yielders and the crude is rebounding from the 60 dollars, giving a boost to the kiwi (New Zealand Dollar). This way, the currency is rebounding from its April 2003 lows at 0.5393 American Dollars.
The NzdUsd is trading at 0.5549, ranging between 0.5404 and 0.5414. Checking the hourly graphics, we see that the 20- and 50-day EMA are under the 200-day EMA.
The supports are at 0.5347 (April 9th low), 0.5658 (September 3rd 2003) and 0.5000 (key). They keep watching, just in case, the resistances at 0.5595 (October 26nd high), 0.6018 (October 23rd high) and 0.6349 (October 14th high).
Today at 22:45 (CET) we will know the reading of New Zealand Trade Balance. The Nzd market expect that in September its comercial deficit is at 632 million New Zealand Dollars, against the 750 millions from the previous month.
This year, the Dollar is advancing 30% against the kiwi, as the global demand and crude price are falling. The country is a commodity exporter and its currency, the kiwi, is affected by the swings in the commodities prices.
Meanwhile, the 60-minute RSI is at 56 points, rebounding from the oversold area. The average volatility per hour could reach 160 pips. Checking the daily graphics, the current price under the 61.80% (0.5545) and over the 100.00% (0.3894) Fibonacci retracements lines.
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