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Hugo in HTO Trading,

NZDUSD: At a key support 0.83

Last week New Zealand trade balance in July failed to beat market expectations showing that the country is losing economy competitiveness. New Zealand ANZ activity outlook also demonstrated negative opinions regarding the future state of business and overall economy.

This week on the economic calendar we have from the U.S the nonfarm payrolls and unemployment rate in August which is expected to show signs of economy recovery.

Yesterday NZDUSD fell closing below the 10 day moving average but found some support at 0.83 level. We have a possible death cross in our hands turning this pair from a distribution phase to bearish phase.

Expecting upward move to key level at 0.8514 on a break above the previous day high at 0.8390 (scenario 1) or a break below the previous day low at 0.8290 could force NZDUSD to 0.8240 (scenario 2).