NZD/USD: downside chipping away at key support level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6482 with a high of 0.6498 and a low of 0.6482.

    NZD/USD has been relatively steady albeit testing the downside of the 0.65 handle, with dips into 0.6480 territory in a continuation of the downside.
    We had some recently good news retails sales beating expectations and with Fonterra increasing its forecast earnings per share range, however, markets are fixated on the Federal Reserve Bank in December potentially increasing interest rates for the first time in over a decade. We now look forward to the GDT price index this week and the FOMC minutes, USD CPI's and Fed speak.

    NZD/USD levels

    Technically, 0.6489 (Fib. 61.8%) and 0.6500 levels of support are being tested here and convincing closes here while pressured form above, notably by the 55 DMA at 0.6525, the bears could jump into action looking for a run on the September lows again. The 200 DMA at 0.6962 needs to be broken to alleviate immediate downside pressures.
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