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NZD/USD bulls flex muscles early on NZ CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading on the bid with spot at 0.6869 currently with a high of 0.6895 and a low 0.6838.

    NZD/USD has found demand in early Asia with the release of the nation's CPI's. CPI for Q/Q came in at 0.3% vs 0.2% expected, but below prior of 0.4% and year on year also came with an upside surprise of 0.4% vs 0.3% expected, matching prior.

    NZD/USD had been relatively robust in the US session, only losing some ground on the back of the US CPI's (1.9% vs 1.8% exp 1.8% and prev), but gaining traction again with the markets continuing to out price a Fed hike this year with a stream of unsure Fed officials, only certain about the fact that the economy is not quite ready.

    NZD/USD levels

    Technically, NZD/USD is back above the cluster of MA's on the hourly chart and has been propelled into bullish territory taking on the 0.6890 resistance. RSI (14) is 57 and trades above the pivot of 0.6742 today. R2 is 0.6940 ahead of R3 at 0.7064. The 50 SMA at 0.6779 offers support ahead of the pivot and 0.6700.
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