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Technical Analysis - NZD/USD (MNI)

Posted by Akhilesh Ganti on Apr 23, 2013 8:59:00 PM

KIWI TECHS: 100-DMA Supports, 21-DMA Caps

RES 4: $0.8676 - 2013 High Apr 11
RES 3: $0.8592 - 21 day upper Bollinger band
RES 2: $0.8520 - Hourly resistance Aug 15
RES 1: $0.8444 - 21 day moving average

PRICE: 0.8420 @ 0100GMT

SUP 1: $0.8363 - 100 day moving average
SUP 2: $0.8337 - Low Mar 25
SUP 3: $0.8292 - Previous daily resistance now support
SUP 4: $0.8257 - 200 day moving average

COMMENTARY: The Kiwi dipped below previous support by a couple of pips yesterday before bouncing off the 100-DMA with initial resistance now noted at the 21-DMA. Overall while the $0.8520 level caps a break below the $0.8337-63 region remains favoured with focus then turning to the 200-DMA and 2013 low below that. Topside the pair needs to close above the $0.8520 level to relieve the current bearish pressure and see the focus return to 2013 highs.

{chart:Bloomberg}(click to enlarge)

NZD 042313 D


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