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NZD/USD corrects lower from 9-month peaks, gives up 0.69

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair paused its 3-day massive rally to multi-month tops and now extends the retreat on 0.68 handle as the USD sees a minor pullback across the board.

    NZD/USD halts 3-day rally

    Currently, the NZD/USD pair trades -0.43% lower at fresh session lows of 0.6891, having met fresh supply near 0.6925 region in early trades. The Kiwi witnessed some heavy selling over the last hours mainly driven by tumbling commodities’ prices, particularly oil and copper prices, which weighed on the resource currency. Meanwhile, the US oil is down -1.25%, Brent slides -0.90%, while the copper prices shed 0.55%.

    Moreover, markets see a resurgence of broad based US dollar strength, with the buck attempting a minor recovery after the Yellen backed 2-day sell-off. The USD index advances 0.23% to 95 barrier, recovering from 94.56 - Wednesday’s low.

    Further, downbeat NZ business confidence data (Actual: 3.2 vs. 7.1 previous) also added to bearish pressure on the bird. In the day ahead, markets now look forward to the US unemployment claims ahead of Friday’s payrolls data.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6964 (Mar 30 High/ 9-month top), above which it could extend gains to 0.7000 (psychological levels). To the downside immediate support might be located at 0.6854/50 (1h 50-SMA) and from there to 0.6810 (5-DMA).
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