FXStreet (Moscow) - NZD/USD nose dived to the current intraday low at 0.8243 after the Chinese PMI data proved that the largest Asian economy is slowing down, but managed to claw back some ground and set slightly above the support of 0.8250


Kiwi is in depression

The kiwi is badly beaten as NZD/USD has been steadily falling since the start of the week after touching the resistance zone of 0.8395/00 on Monday. Poisonous mixture of technical factors and risk aversive environment pushed the pair down. New Zealand published quite gloomy reports on consumer confidence that dropped to 133.0 in February from 135.8 in January, and PPI, that fell 0.4% q/q in 4Q after rise 2.3% in 3Q. But this news was mostly ignored by the traders, as they seem to be more interested in the state of Chinese economy where the Flash PMI dropped to 48.3 in February from 49.5 in January. NZD crashed to the Asian low at 0.8241 as investors rushed away from risk assets and China-dependent markets. NZD/USD poked the bids area below the support of 0.8250, and stabilized just above the said level. It may limit the downside and switch the currency pair into consolidation mode before the key US publications. Should this support of 0.8250 be firmly broken, NZD/USD will accelerate the downside to 0.8200. The intraday upside is likely to у capped by 0.8300.

What are today’s key NZD/USD levels?

Today's central pivot point can be found at 0.8297, with support below at 0.8248, 0.8223 and 0.8174, with resistance above at 0.8322, 0.8371 and 0.8396. Hourly Moving Averages are bearish, with the 200SMA at 0.8322 and the daily 20EMA at 0.8282. Hourly RSI is neutral at 25