Forex: NZD/USD declines after double top

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FXstreet.com (Barcelona) - Having spiked over a point overnight, NZD/USD posted a high just below 0.8400 before declining and making a second attempt at the psychologically round number.

The spike higher came after the US government passed a bill to temporarily bridge the ┬┤fiscal cliff┬┤ and avert sending the US economy into a self made recession. Having found resistance beneath the psychologically round 0.8400 level, the pair declined to find support at 0.8350 before climbing to retest the key level. Spot lacked the momentum to sustain its charge and fell back to where it is currently trading at 0.8359. Hourly RSI is at 63 but looks absent any obvious directional momentum.

Calendar wise, European Manufacturing PMIs have been a bit soft this morning aside from the UK which came in above expectations at 51.4/49.1, striding above the key 50 expansion/retraction level. Ahead, German CPI is due at 13:00 GMT.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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