FXstreet.com (San Francisco) - The NZD is down 0.9% against the USD this Wednesday following an earlier release of weaker AU trade and services PMI data (41.9).
NZD/USD is now quoted down around 10 pips below the 0.8200 figure after finding a temporary base at 0.8183 a few hours ago. That base shares confluence of support in the August 23 peak (0.8184) and the 38.2% Fibonacci retracement of the advance from 0.7912 to 0.8355.
The 4-hr timeframe depicts price still trading above the 200 EMA (0.8179), and now threatens to test bids below the mean. If a break of mentioned support occurs in the hours ahead, there may be room to run toward the 50-day EMA at 0.8135, which is confluent with the 50% Fibonacci level of the mentioned advance. Upside rallies may encounter offers at 0.8220 (21-hr EMA) then 0.8247 (50-hr EMA),
At the time of writing, NZD/USD is looking poised to target lower levels, still under pressure as it exchanges 0.8185.
NZD/USD is now quoted down around 10 pips below the 0.8200 figure after finding a temporary base at 0.8183 a few hours ago. That base shares confluence of support in the August 23 peak (0.8184) and the 38.2% Fibonacci retracement of the advance from 0.7912 to 0.8355.
The 4-hr timeframe depicts price still trading above the 200 EMA (0.8179), and now threatens to test bids below the mean. If a break of mentioned support occurs in the hours ahead, there may be room to run toward the 50-day EMA at 0.8135, which is confluent with the 50% Fibonacci level of the mentioned advance. Upside rallies may encounter offers at 0.8220 (21-hr EMA) then 0.8247 (50-hr EMA),
At the time of writing, NZD/USD is looking poised to target lower levels, still under pressure as it exchanges 0.8185.
