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NZD/USD bears not letting up, taking out Nov lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6471 with a high of 0.6520 and a low of 0.6418.

    NZD/USD has resumed the downside and is testing critical territory and the November lows. Despite a positive surplus in China's trade balance earlier in the week, the largest single injection of liquidity yet from the PBoC (160bn yuan) yesterday and neutral Yuan fixes session after session, markets are still risk averse on the short term and not even a decent jobs report was lending support to the Aussie. The antipodeans are on a one way street currently.

    NZD/USD levels

    Technically, the November lows of 0.6428 have been taken out and now focus looks to the August lows of 0.6220. RSI (14) on the hourly has now entered oversold territory and some consolidation might be expected between here and 0.6380. While trading below the pivot of 0.6548 the downside remains in favour, especially below the 100 DMA at 0.6576.
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