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ND/USD bulls take profit and assess again

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD was hammered in Asia on risk off and it is time to pay up for the free ride it enjoyed on dollar weakness earlier in the previous sessions this week.

    Profits have been taken up as we head into the close of yet another turbulent week of volatility with price now testing below the 200 sma on the hourly sticks at 0.6638. Data is lacking for NZ but the US has CPI and the Fed minutes next week while China report their trade balance for Jan, all of which should impact NZD/USD.


    NZD/USD levels

    Closes below here open up the downside for next week's business while otherwise the 200 sma on the hourly sticks has been supportive and the pair has rallied from there for the past few weeks. 0.6560 is a key support level guarding 0.6480. On the upside, 0.6720 and 0.6750 are equally as key, leaving the bird to be range bound and neutral between these levels.
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