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NZD/USD consolidates downside above 55 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6529 with a high of 0.6567 and low of 0.6509.

    NZD/USD remains within a tight range following last week's sell off post nonfarm Payrolls. The week will mostly driven by sentiment of a December rate hike from the Fed and a potential rate cut from the RBNZ. "We target 0.62. The main risk to this bearish view is the Fed delays its tightening cycle beyond December. A secondary risk is the RBNZ doesn’t cut in December," explained Imre Speizer, analyst at Westpac Banking corporation.

    NZD/USD levels

    Technically, the 55 DMA is relieved so far, with bulls protecting the downside above this level. RSI continues to recover back towards neutral territory while the price and downside is consolidating. 0.6420 and the vicinity of the yearly lows at 0.6235 are the next target where price recovered from in September this year. Recoveries will need to find territory above the 200 DMA at 0.6988 to alleviate immediate downside pressures.
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