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NZD/USD: downside has resumed, 20 DMA key support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6748 with a high of 0.6750 and a low of 0.6737.

    NZD/USD has been caught up in the slide of commodities and has resumed its downtrend after posting recent highs of 0.6765 towards the end of last week and now threatens a break below the mid-way point of the 0.67 handle having broken below the cluster of MA's with a firm looking resistance at 0.6780, approximately where the 200 SMA lies on the hourly chart currently.

    This week will be crucial for the bird in respect of the direction of the greenback and how commodities continue to perform. We have the FOMC and a string of crucial data that while may not sway a decision at the two-day meeting this week, will count towards subsequent decisions this year in respect of the timings of a rate hike from the Fed.

    NZD/USD levels

    Technically, while trading below the cluster of MA's on the hourly, the 20 DMA comes as next target at 0.6644. The recent 0.6700 low seen last week may be the last stop before 0.6640, daily 20 DMA ahead of 0.6236/20 21st August lows.
    For more information, read our latest forex news.

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