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NZD/USD erased gains and fell below 0.6750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD reversed and turned to the downside, erasing previous gains. The pair printed at 0.6740 a fresh daily low. Currently it trades at 0.6747, down 0.16% for the day and holding a bearish tone amid a stronger US dollar across the board.

    Greenback moved slightly to the upside after CPI data from the US and then accelerated as traders await the FOMC decision that will be released tomorrow. Despite falling against the US dollar, the kiwi is rising versus the aussie, supported by an increase in dairy prices.

    On a wider perspective, NZD/USD continues to moved with an upside bias as it has been the case since the beginning of the month, but today is being rejected from above 0.6760 for the four day in a row.

    NZD/USD technical levels

    To the downside, support levels might lie at 0.6740 (daily low / 100-hour MA), 0.6720 and 0.6700 (200-hour MA). On the opposite direction, resistance could be located at 0.6790 (Dec 14 high), 0.6815 (Oct 26 & 27 high) and 0.6880 (200-day MA).
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