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NZD/USD bulls faltering ahead of 1hr 200 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is currently trading at 0.6745 with a high of 0.6761 and a low of 0.6739.

    NZD/USD has remained in a steady sideways drift after shorting out at the hourly 200 sma at the start of European trade overnight between a low of 0.6734 and a high of 0.6756. There was less action from the bird that its counterpart in the Aussie on the back of the tragedy in Brussels.

    It is unlikely that today's sessions will offer anything further until we move across to the main events later in the week with the US durable goods (Thursday 12:30 gmt), Q4 GDP (third estimate) (Friday 12:30 gmt). Then, we have China's manufacturing and US non-farm payrolls at the start of April as next likely catalysts.

    NZD/USD levels

    NZD/USD has consolidated the 0.6585 16th March rally after meeting 0.6874 highs the following trading day. The shape that the bird is now taking is bearish below the 0.6784 and near-term downside target is a break of the aforementioned 200 sma and 0.67 handle for another look at the 0.66 handle again.
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