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NZD/USD bulls scrummage down like the All Blacks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is doing better in a better risk environment, along with commodities on the up again, this time with gold approaching $1,150 a troy ounce and WTI galloping to score above $47.0 a barrel. However, specifically, related to the Kiwi, the New Zealand Fonterra prices are up +9.9% for a fourth straight gain in a row for prices.

    In recent trade, NZD/USD penetrated the initial highs post the data to 0.6515 to score 0.6549 so far. However, the momentum indicator (14) is slowing up again with MACD on the hourly chart also flattening within positive territory indicating a phase of consolidation as we enter early Asia. But a final scrummage towards the 0.66 handle would put the bird in a winning position, just like the All Blacks who are heading off to the quarter-finals.

    NZD/USD bullish/ neutral (Spot 0.6550, R1 0.6560, RSI (14) 67)

    R1 at 0.6560 is achievable here and push in Asia for R3 at 0.6593 is feasible as well as markets push the barriers, such as RSI close to 70 and overbought, and take us to the highest level since late August and back into the neutral channel of the period that commenced in July.
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