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NZD/USD downside pressures exist below 200 4hr sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is being punished on the back of commodities being pushed lower by the market again.

    NZD/USD is susceptible to the ebbs and flows in the commodity sector and the short squeeze was overdone and ahead of the curve in respect of global growth and various factors that continue to weigh on the outlook for the commodities sector.

    Haivng said that, there has been a correction to some extent in recent trade, but the GDT price index -2.9% vs 1.4% was not very helpful in the case of the bird.

    NZD/USD levels

    NZD/USD broke the 100/200 dma converging on the 0.66 handle and below the 200 sma on the 4hr sticks at 0.6654, but has been held up, to some extent, at the 50 dma at 0.6600 with a low of 0.6589. The target in the very near term on the downside is the 28th Feb low in the bearish opening gap at 0.6567 ahead of 16th Feb 0.6545 low.
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