NZD / USD moved down on Tuesday to reach the three-week low at 0.8043 where the new currency was down 0.6% yesterday and closed below the 21 EMA for the first time since July 25.
Chris Keane, an analyst with Keanefx noted that the downward movement of 0.8060 "to open opportunities for Kiwis to move lower towards 0.80, followed by 0.7860" and that "monthly lows to be achieved but the continued decline began to stop."
Fall of NZD / USD is likely to continue this Wednesday due to the movement of the average daily per 4 hours of going back to bearish. At the time of writing, Kiwi consolidates around 0.8050 figure, and if the bearish momentum picks up again it will trigger a decline to below Fibonacci support at 0.8040 (23.6%, 0.7456/0.8221). Maybe there will be a test of support at 0.8015 (June 20 high), and then to the EMA-55 (figure 0.80).
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