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NZD/USD extends the break below 0.6400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is sharply lower vs. the greenback on Wednesday, with NZD/USD sidelined around the 0.6370 area.

    NZD/USD finds some support around 0.6350

    After hitting fresh 4-month lows near 0.6350, the pair has met upside pressure and is now managing to regain the 0.6370/75 band against the backdrop of increasing risk aversion.

    Data wise in New Zealand, inflation figures gauged by the CPI rose 0.1% on a yearly basis during Q4 and dropped 0.5% inter-quarter; both prints missing expectations and opening the door to a potential easing bias by the RBNZ at its meeting next week.

    NZD/USD significant levels

    As of writing the pair is retreating 1.87% at 0.6364 and a breach of 0.6288 (low Sep.28) would expose 0.6233 (low Sep.23) and finally 0.6148 (monthly low Jun.2009). On the flip side, the next up barrier lines up at 0.6590 (100-day sma) ahead of 0.6637 (55-day sma) and finally 0.6892 (high Dec.22).
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