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NZD/USD downside headed towards hourly RSI (14) 30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently testing the downside and 0.67 the figure, with a high of 0.6744 in the US shift and a low of 0.6698.

    NZD/USD has continued to fall away below the 200 SMA on the hourly chart after the recent drop from above the 0.6845 level that penetrated down below the 55 SMA on the hourly sticks. The low took out the 0.67 handle although then reshaped into a bid that again was hit with supply at the 20 SMA on the hourly sticks to current level of 0.6699 at time of writing testing the downside below the 0.67 again.

    Fundamentally, not much to go on. The greenback is performing, despite the prospects of a rate hike not coming until next year, but with a number of meetings left before then, and each month being live, there is still time for the economy taking the appropriate shape for the Fed to hike at any time and begin their normalisation process of their monetary policy.

    NZD/USD levels

    Technically, we are below the pivot of 0.6779 today targeting 0.6667 and 0.6599 on follow through while the 20 SMA on the hourly offers resistance at 0.6725 currently ahead of the pivot 0.6779 and R! at 0.6823. RSI (14) is at 36 and approached oversold territory.
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