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NZD/USD drops further to test hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone around the NZD keeps gradually increased during the European morning, now pushing NZD/USD further into the red near hourly 100-SMA located at 0.6647.

    NZD/USD indifferent to risk-on tone

    Currently, the NZD/USD pair drops -0.86% to 0.6658, having posted fresh session lows at 0.6652 some minutes ago. The Kiwi came under renewed selling pressure and accelerated further to the downside after the US dollar staged a solid come back against its major competitors heading towards the US retail sales report. The US dollar index jumps 0.26% to 95.90, up from 95.54 lows.

    Further, the turnaround in the risk conditions backed by the relief rally seen in the European markets also failed to lift the sentiment around the risk currencies NZD, as the Kiwi is sold-off mainly on the back profit-taking after four straight session of gains seen earlier this week.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6717/35 (daily R1 & high), above which it could extend gains to 0.6755/63 (Feb 5 & Jan 5 High) levels. To the downside immediate support might be located at 0.6635/ 0.6595 (1h 200-SMA/ 200-DMA) and from there to 0.6567/61 (20-DMA/ Feb 9 Low).
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