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NZD/USD breaks below 0.6500, session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is quickly losing the grip vs. the dollar on Tuesday, now dragging NZD/USD to the 0.6485/80 band so far.

    NZD/USD weaker ahead of NZ data

    The pair continues to fade the spike to Monday’s peaks around 0.6560 following a softer tone in the greenback. However, the renewed selling interest around the commodity-currencies today is hitting both the Aussie and the Kiwi dollars, along with a steady stance in the US dollar.

    NZD will be under pressure later in the Asian session in light of NZ’s labour market figures and the speech by Governor Wheeler.

    NZD/USD levels to consider

    As of writing the pair is down 1.01% at 0.6482 and a breakdown of 0.6412 (low Jan.27) would expose 0.6361 (4-month uptrend) and finally 0.6346 (low Jan.20). On the other hand, the next up barrier aligns at 0.6557 (high Jan.29) followed by 0.6606 (100-day sma) and then 0.6631 (55-day sma).
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