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NZD/USD dips below 0.67 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD dipped below 0.67 handle as USD bulls received a shot in the arm from Bullard’s hawkish comments.

    USD remains bid

    The bid tone around USD remains strong on account after Fed’s Bullard became the latest policymakers to come out with a hawkish view following last week’s dovish FOMC statement. Hence, the bullish momentum in the USD strengthened further, leading to a drop in the NZD/USD pair to a session low of 0.6687 levels.

    The better-than-expected US new home sales figure only added to the bullish tone around the USD. The pair now trades around 0.67 handle.

    NZD/USD Technical Levels

    The immediate hurdle is noted at 0.6725 (10-DMA), above which the pair could target 0.6722 (5-DMA). On the other hand, a break below 0.67 (psychological figure + rising trend line support) would open doors for a drop to 0.6635 (100-DMA).
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