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NZD/USD attempting break below 0.67 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US dollar is ruling the roost in the European session, with NZD/USD now challenging bids around 0.67 handle.

    Drops for fourth consecutive day

    Kiwi is down for the fourth consecutive day largely due to hawkish talk from the Fed officials over the last two days. Moreover, policymakers like Evans, who is a renowned dove, tilted on a hawkish side yesterday, triggering concerns regarding a possibility of a sooner-than-expected Fed rate hike.

    Meanwhile, markets also expect the RBZN to continue pressing the dovish button via rate cuts in the near future. Consequently, the pair extended the three-day losing streak today. Given the thin economic calendar in the US, the spot is at the mercy of the overall demand for the US dollars.

    NZD/USD Technical Levels

    The immediate hurdle is noted at 0.6725 (10-DMA), above which the pair could target 0.6722 (5-DMA). On the other hand, a break below 0.67 (psychological figure + rising trend line support) would open doors for a drop to 0.6635 (100-DMA).
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