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NZD/USD bulls commiting on 0.64 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD topped out with a score slightly through the 0.65 handle in London and settled back into a drift lower from 0.6415 to 0.6470.

    The price action across the board has been quite mixed but an element of risk-on reflected through yen positioning and better performances in global stocks instigated by the Chinese GDP and equities rising.

    The Nikkei closed 0.55% up at 17,048.37 leading to a higher opening in European bourses as well along with a spike in oil above $30 the high. However, that was shortlived and supply has the back stuff return to print $28.65c the low. The GDT price index has also been out, but the slight improvement didn't see a follow through on the initial 11 pip knee jerk bid. GDT auction price index came in at -1.4% vs -1.6% prior.

    NZD/USD levels

    Technically, the downside is still to play for while the price remains well below the 100 DMA at 0.6576 and the 200 dam at 0.6789. The 0,64 handle has been proving resilient on bearish attempts, with the low of 0.6415 holding for the time being. A break on to the 0.63 handle through S3 at 0.6393 is last stop before a look in at the August lows of 0.6220. However, with daily RSI (14) in oversold territory, a phase of consolidation might be expected around the 0.64 handle.
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