NZD/USD: bulls step out ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6730 with a high of 0.6782 and a low of 0.6702.

    NZD/USD is falling over and the 0.67 handle is under threat as think liquidity exposes risk trades to the downside. Gold has rallied, the dollar is soft, euro stronger and oil hitting new lows below $36 bbl at 35.80. Positioning ahead of the FOMC is taking effect while a 25bp hike is priced in on the basis that conditions seem appropriate for lift-off. The RBNZ rally had its day, but the downside is wide open on a failed mission and the next target lower sees the 200 SMA on the hourly chart at 0.6677.

    NZD/USD levels

    Technically, the downside risks through the 20 DMA at 0.6604 and the cluster of key MA's could be pivotal where the price bounced from post RBNZ. The 100 DMA is located at 0.6544 guarding August lows of 0.6620.
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