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Alert - 17:35 (CET) - NzdUsd
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As the kiwi is dependant of the swings in the international commodity prices and the swings of the stocks, it's no wonder that right now it's moving away from it's intraday highs against the Dollar. the Dow Jones Industrials index is in the red, after being very high. The crude barrel price declined to 61 dollars from 70.
The markets were pleased with the rate cuts from the central banks, but the euphoria is vanishing, given the contraction of the US economy in the third quarter. This made the appetite for high yielders decline and the investors are now seeking the safe haven of currencies like the Dollar and the Yen.
The NzdUsd is trading at 0.5862, ranging between 0.5797 and 0.6063. Checking the hourly graphics, we see that the 200- and 50-day EMA are under the 20-day EMA.
The supports are at 0.5347 (April 9th low), 0.5658 (September 3rd 2003) and 0.5000 (key). As the current price broke the resistance at 0.5595 (October 26nd high), the traders are watching the nex at 0.6018 (October 23rd high) and 0.6349 (October 14th high).
Meanwhile, the 60-minute RSI is at 48 points, rebounding from the overbought area. The average volatility per hour could reach 180 pips. Checking the daily graphics, the current price over the 61.80% (0.5557) and under the 50.00% (0.6055) Fibonacci retracement lines.
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