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NZD/USD better bid but stalling at key levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is losing the conviction around the 0.68 handle as attempts through there are failing although dips have so far been bought at and just below the 20 sma on the hourly chart.

    The bird has been better bid of late, while overnight, the price in WTI had been high as $38.13 and has rallied over 6% on a short squeeze. However, the bird had been held back on the Fonterra news when they announced it had lowered its 2015/16 milk price forecast to NZD3.90/kg.

    NZD/USD and data holding it back

    Data wise, manufacturing activity in NZ was poor at -1.9% q/q vs +4.2% prior. We now turn heads to China's trade balance later today and then the RBNZ MPS will dominate the NZ calendar for the rest of the week with a risk of a large rise if the RBNZ's tone is not as dovish as expected.

    NZD/USD levels

    Technically, the bird shook off the 0.6550-0.6750 range and has been better bid after the nonfarm payrolls USD sell-off with near term support at the 100 dam, or, 0.6638. NZD/USD is headed towards the 2015 Dec highs and the 0.68 handle. 0.6781 is the pivot where spot currently oscillates. S2 is at 0.6744 and S1 is located at 0.6727.
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