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NZD/USD: drifting lower on lower oil in thin trade

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD was capped at the 200 DMA trading at 0.6846 today while the recovery from end of Nov lows on the at 0.6897 October highs downtrend.

    The price has moved lower with the focus on commodities in thin holiday trade, awaiting full markets to return next week in the New Year. We have Chinese non-manufacturing and NBS manufacturing to end the year but very little coverage will be available with desks out on holiday. Meanwhile, for today, oil trades $36.00 and tested the 200 SMA at 35.72 support.

    NZD/USD levels

    Technically, the price has risen to challenge the 200 DMA at 0.6846 within the broader bearish trend from 0.76. A break of the psychological 0.70 handle remains a key objective to close the gap at 0.7107. A reversal looks in at the 20 DMA at 0.6750 below S3 at 0.6800.
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