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NZD/USD: Bulls fail to keep it above 38.2% Fibo level

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair failed to sustain above 0.6636 (38.2% of 0.6236-0.6883) levels again as investors reconsider the possibility of Fed rate hike this year.

    Nears 0.66 handle

    The spot fell to a low of 0.6602 levels before recovering slightly to trade around 0.6610. The currency pair had made an attempt to take out 3.2% Fibo level in the previous session, but failed to do so as the bid tone around greenback remained intact on account of better-than-expected manufacturing PMI reports.

    Ahead in the day, the spot remains at the mercy of the US data – ADP monthly employment report. Oil prices too could come into play.

    NZD/USD Technical Levels

    The immediate hurdle is seen at 0.6636 (38.2% of 0.6236-0.6883), above which the pair could target 0.6663 (daily high). On the other hand, a break below the immediate support at 0.6586 (Feb 24 low) could see the pair drift lower to 0.6560 (50% of 0.6236-0.6883).
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