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NZD/USD extends the pullback, eyes 0.6600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The New Zealand dollar continues to edge lower versus the greenback as currencies linked to commodities underperform in a quiet session in between major economic events.

    NZD/USD has dropped more than 150 pips from Friday’s highs, when it reached a 1-month peak of 0.6787, having already retraced half of last week’s gains in one day. At time of writing, NZD/USD is trading at 0.6640, down 1.54% on the day, having struck a low of 0.6637 in recent dealings.

    Next Wednesday, the Reserve Bank of New Zealand will decide on monetary policy. Being a close call, most analysts expect the RBNZ to cut the main rate by 25 bps to 2.50%, for fourth time this year, the last one being in July.

    NZD/USD levels to watch

    In terms of technical levels, next supports are seen at 0.6607 (Dec 3 low), 0.6596 (Nov 26 high) and 0.6573 (Nov 4 low). On the flip side, resistances could be found at 0.6672 (100-hour SMA), 0.6741 (Dec 7 high) and 0.6787 (Dec 4 high).
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