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Alert - 17:20 (CET) - Kiwi advances 3.4% against the greenback
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The Libor lending rates continue to decline, justifying the current ease in the credit markets. The 3-month Libor rate fell today to its 2004 low, under the levels before the failure of Lehman Brothers Holdings Inc.
As the financial situation show clear signs of relief, there is a new appetite for high interest rates currencies. This way, it's no wonder to see the kiwi advancing 3.40% against the greenback intrasession.
The NzdUsd is trading at 0.6097, ranging between 0.5846 and 0.6127. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
The supports are at 0.5347 (April 9th low), 0.5000 (key) and 0.4900 (November 26th, 2002 low). As the current price broke the resistances at 0.5595 (October 26nd high) and 6018 (October 23rd high), the traders are watching the next level at 0.6349 (October 14th high).
Meanwhile, the 60-minute RSI is at 72 points, overbought. The average volatility per hour could reach 305 pips. Checking the daily graphics, the current price over the 50.00% (0.6055) and under the 38.20% (0.6564) Fibonacci retracement lines.
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