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22 Apr 2013
Forex: NZD/USD drifts higher, rate decision due out later in week
FXstreet.com (Barcelona) - The Kiwi is drifting higher during Asia trade, up 14 pips at 0.8414. The visitor arrivals figure was released earlier in the session, coming in 13% vs 8.5% previous. Market participants will be monitoring economic data out of China and Australia later in the week, as well as RBNZ rate decision on April 23rd at 21:00 GMT.
Although still in an uptrend, the technical picture has deteriorated after last week’s reversal. Price is now below the 9 and 20 day moving averages which is a negative development. Also, both of the moving averages are now turning lower which is evidence of further bearish development. Initial resistance sits above at .8470 (previous support line on weekly, now resistance), followed by 0.8570 (the highs from last week). First support sits at 0.8370 (the 9 week moving average), followed by 0.8320 (previous resistance, now support on daily chart).
Although still in an uptrend, the technical picture has deteriorated after last week’s reversal. Price is now below the 9 and 20 day moving averages which is a negative development. Also, both of the moving averages are now turning lower which is evidence of further bearish development. Initial resistance sits above at .8470 (previous support line on weekly, now resistance), followed by 0.8570 (the highs from last week). First support sits at 0.8370 (the 9 week moving average), followed by 0.8320 (previous resistance, now support on daily chart).