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NZD/USD bulls looking for closes on 0.67 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is trading at 0.6684 at time of writing with a high of and a low of 0.6677.

    NZD/USD has been better bid in line with the rest of the commodity bloc vs the greenback. a recovery in commodity prices as supported the bird as it rallied through the 50 DMA this month and kept going. The price is currently attempting to recovery on the hourly chart having reached highs of 0.6720 last week.

    The calendar for the US is jam packed while data will be scrutinized closely to gauge whether the FOMC will garner any key takeaways in preparation for subsequent meetings this year.

    "The focus for NZD this week is Q3 CPI on Friday, and today we get the September ANZ Inflation Gauge," noted analysts at ANZ. "So far the readings for July and August have not been as soft as you might expect."

    NZD/USD bullish/neutral

    Technically, NZD/USD is trading below the 0.6691 pivot with S1 at 0.6659 ahead of 0.6623 and 0.6591 as further supports to the downside. However, the tone is bullish with R1 at 0.6727 and supported on the hourly chart by the 50 SMA. We have breached August highs of 0.6708 when we reached 0.6721 last week and that leaves room on the handle for a further attempt of bullish closes for this week.
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