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Alert - 16:00 (CET) - Dollar advances against the kiwi for the fifth consecutive day
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The NzdUsd is trading at 0.5414, ranging from 0.5397 to 0.5596. The current price is under yesterday's close at 0.5533. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
As the resistance at 0.5808 (November 12th high) was broken, the traders are watching the next at 0.6046 (November 10th high) and 0.6261 (October 20th high). As the supports at 1.5659 (December 23rd low) was broken, the traders are now watching 0.5419 (December 12th low) and 0.5394 (December 10th high).
The US session opened in the red, which reduced the appetite for high yielders. This happened after Standard & Poor's revised the New Zealand debt classification to the lower side, putting pressure on the kiwi. This way, the US Dollar advanced 2.18% against the Nzd for the fifth day in a row.
The Relative Strenght Index (RSI) is at 28 points, in the oversold area. The volatility per hour could reach 160 pips. The curren price is under the 61.80% (0.5535) and over the 100.00% (0.3865) Fibonacci retracement lines.
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