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NZD/USD bears taking back contol

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD has been testing the 200 sma to the downside on the hourly sticks with a low of 0.6461, 7 pips below the moving average.

    The bird is in a bearish correction off from the highs overnight of 0.6538 and compromises the recovery from earlier this week when the bird rallied from 0.6416. It is again all about oil and the US dollar after the BoJ cut interest rates in a surprise move, despite much needed action. “ We expect the decision to boost global risk sentiment in the coming days, but crucially we do not see this as a trigger of a prolonged global risk rally,” explained analysts at Danske Bank.

    NZD/USD levels

    Technically, a break of 0.6420 leaves 0.6350 and 19th Jan lows a few pips beyond, exposed. This is guarding a resumption of the 2016 downtrend towards September support line of 0.6235 with a target at 0.6200 the figure to meet August 2015 low of 0.6195. Such a move would be an extension of the July 2014 bear trend from above 0.8800.
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