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NZD/USD: capped by daily 200 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD holds the recent highs scored in a continuation of the bullish recovery within the ascending channel from middle of November lows of 0.6431.

    NZD/USD has performed strongly at the end of this year even after the Fed hiked interest rates as the initial spike in the greenback faded and commodities began to recover as the key driver with over a 4% recovery in oil last week. There are no domestic events for the pair to end the year, but focus will turn to Chinese non-manufacturing and NBS manufacturing PMI's for December.

    NZD/USD levels

    Technically, the price has risen to challenge the 200 DMA at 0.6853 within the broader bearish from 0.76. A break of the psychological 0.70 handle remains a key objective to close the gap at 0.7107. A reversal looks in at the 20 DMA at 0.6726 below S3 at 0.6791.
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