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Forex: NZD/USD nose-dives below 0.8200

By FXstreet.com,  March 20, 2012, 07:28:00 AM EDT

FXstreet.com (Barcelona) - The kiwi is plummeting on Tuesday below the 0.8200 mark on a stronger greenback and rumours regarding China.
Rhetoric about a 'hard' landing in the Chinese economy are weighting on sentiment, affecting mainly the commodity markets and the comm-currencies bloc. There was also a rumour about a coup in China, adding fuel to the pessimism hovering over the markets.

It will be an important week for the NZD data-wise, as Q4's Current Account is due later on today and the GDP figures in the same period are also expected on Wednesday.

At the moment the cross is sharply down 0.97% at 0.8173, facing the immediate support at 0.8225 (hourly low Mar.19) ahead of 0.8196 (MA55d) then 0.8138 (low Mar.12) and 0.8100 (hourly high Mar.14/15).
A breakout of 0.8281 (high Mar.8) would expose 0.8315 (high Mar.5) then 0.8324 (low Mar.1) and 0.8349 (hourly res Mar.2).




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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