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NZD/USD back below 0.65 as risk-off gathers traction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar has given away part of the recent spike to the 0.6540 area vs. the greenback, with NZD/USD returning to sub-0.6500 levels after the European open.

    NZD/USD capped near 0.6540

    The initial upbeat tone in the risk-associated universe has been losing momentum since the closing bell in Asia today, prompting the pair to quickly leave the area of daily lows near 0.6540 and return to the region below the 0.6500 handle.

    In the meantime, spot is looking to keep alive the rebound from multi-month lows seen last week in the mid-0.6300s, while markets are getting ready for the FOMC meeting and the RBNZ interest rate decision, both to be held on Wednesday.

    NZD/USD levels to consider

    At the moment the pair is up just 0.01% at 0.6491 with the next resistance at 0.6581 (20-day sma) followed by 0.6635 (55-day sma) and finally 0.6753 (20-day sma). On the other hand, a breach of 0.6346 (low Jan.20) would expose 0.6288 (low Sep.29) and then 0.6233 (low Sep.23).
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