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NZD/USD consolidating the downside on key levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is a sideways/bearish drift having recovered off the lows scored in the US session and close of London of 0.6719.

    Consolidation could be the theme while we await the Caixin services data from China today. Should this take a turn for the worse, then surely so too will the antipodeans. Services are about the only area where China is not, so far, contracting. We then look ahead to US Fed Williams's presser and the GDT price index. The main events will stay with the Nonfarm Payrolls at the end of the week.

    NZD/USD levels

    Technically, the 20 SMA on the hourly is at 0.6752 and would be an immediate key resistance on a continuation of the recovery as would the 200 SMA on the same time frame at 0.6818 currently.

    However, while trading below the 0.70 handle, the bird is directly offered and a break to the upside would otherwise need to target the gap at 0.7107 with closes to reverse the immediate outlook. To the downside, 0.6680, mid Dec lows and 200 SMA on the 4hr is next target guarding 0.6600.
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