NZD/USD: bearish bias ahead of API weekly crude stock

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently trading at 0.6742 with a high of and a low of 0.6719.

    NZD/USD came under pressure at 0.6762 and trades below the 1hr 10 sma at 0.6748 with continued downside pressures as we move through the US shift and towards the API data for an indication on oil inventories while the price in the Kiwi continues to be driven by commodities.

    Kiwi lower on commodity prices ahead of trade balance - UOB

    NZD/USD levels

    NZD/USD was resisted at the rising 100 sma on the hourly chart at 0.6778 today with thee 50 sma on the same time frame crossing below it at 0.6764 currently. 0.6720 could be a strong area of resistance while the 50 and 100 smas on the 4hr chart are positioning horizontally below it. The price remains better offered below the pivot of 0.6768 targeting 0.6696 S3.

    NZD/USD to fall toward 0.64 by mid-2016 - Westpac
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