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NZD/USD drops below 0.66

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD extended gains across the board after the better-than-expected US ADP report, pushing the NZD/USD pair to a low of 0.6591 levels.

    Nears 100-DMA

    The pair now trades few pips above the 100-DMA at 0.6583. The Kiwi was already weak on account of a drop in milk prices at the GlobalDairyTrade auction yesterday. The losses were extended further after the ADP report showed the private sector job growth slowed slightly less than expected.

    Moreover, the markets ignored the downward revision of the previous month’s figure. The attention now shifts to the US ISM non-manufacturing report and Fed’s Yellen testimony.

    NZD/USD Technical Levels

    The immediate support is seen at 0.6583 (100-DMA), under which the losses could be extended to 0.6514 (50-DMA). On the other side, resistance is seen at 0.6621 (Oct 28 high) and 0.6651 (previous day’s low).
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