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NZD/USD: bulls committing at key resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6779 with a high of 0.6815 and a low of 0.6738.

    NZD/USD bulls are still committing at the key resistance of 0.6780 ahead of the RBNZ this week. With the RBNZ the main highlight this week, markets are anticipating a lack of action while Dec poses more risks when markets will get the Monetary Policy Statement and press conference to provide a more comprehensive analysis of the outlook while data recently has been bullish.

    NZD/USD levels

    Technically, bulls are taking charge and up to challenge the 200 SMA at 0.6786 drifting up from the recent 0.6700 low seen last week at 0.6640, above the daily 20 DMA and ahead of the 0.6236/20 21st August lows. A break of the 200 SMA on the hourly chart will challenge last week's closing downtrend to trade at 0.6865 the high, exposing October's highs of 0.6897.
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