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NZD/USD challenges the support at 0.6700

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Kiwi dollar is suffering the increasing buying interest around the dollar, now dragging NZD/USD to daily lows in the 0.6700 neighbourhood.

    NZD/USD gains capped near 0.6830

    The pair is snapping a positive 2-day streak today, eroding part of last week’s upside and resuming the leg lower following the rejection from peaks above the 0.6800 handle seen earlier in the month.

    Data wise in NZ, the GDT auction is due tomorrow followed by Current Account figures during Q4. In the US, inflation figures tracked by the CPI are due along with February’s Retail Sales.

    NZD/USD relevant levels

    As of writing the pair is losing 0.66% at 0.6698 facing the next support at 0.6688 (20-day sma) ahead of 0.6640 (100-day sma) and finally 0.6618 (low Mar.10). On the other hand, a breakout of 0.6776 (high Mar.11) would aim for 0.6823 (high Mar.4) and finally 0.6893 (monthly high Dec.25).
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