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NZD/USD bulls looking in face of 1hr 200 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    NZD/USD is pressured below the 50 dma at 0.6636 and has opened however on the bid. The low was 0.6609 while a recent high has been scored of 0.6628 and just above spot at time of writing.

    NZD/USD has been a volatile pair having been sold off at the start of the year from circa 0.6880 and while having made a bottom at 0.6347, a recovery took place and took us to recent highs within the market turmoil, reaching a recent high of 0.6748. Much has depended on risk apatite and the US dollar, while last week the greenback was able to finish on a more positive note with a good set of retail sales and consumer sentiment was okay.

    The week ahead has NZ retail sales Q/Q Q4 with prior 6.4% and the RBNZ inflation expectations Y/Y Q1 with prior 1.9%. The GDT price index will also be released and then we await the FOMC minutes.

    NZD/USD levels

    Technically, NZD/USD the 200 sma on the hourly sticks was breached to the downside last week and the cross closed in bearish territory. Today, the 200 sma stands at 0.6644 and converges with the 100 sma on the sma time frame, possible a strong level of resistance. R2 stands at 0.6701 as key upside target looking for 0.6738 11th Feb high. To the downside, 0.6560 is a key support level guarding 0.6480 below S3 at 0.6525.
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