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NZD/USD: eyes the 200 DMA on further bids

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD has been supported in a better commodity sector as we head in towards the close for the week on higher oil on lower oil inventories. February West Texas Intermediate oil futures on the New York Mercantile Exchange spiked more than 4% to a high of $37.73 a barrel.

    "Despite recent recovery, WTI futures were down by over 30% so far this year," explained Ani Salama is an Economist specialized in financial markets and statistics analysis and she is the head of the FXStreet American team.

    We also had a positive trade balance for New Zealand yesterday leaving the price in a better bid area tucked in below the 200 DMA at 0.6857 with highs at 0.6835 this week.

    NZD/USD levels

    Technically, a break of the 200 DMA brings the downside from above 0.76 to a dual for space on the 0.70 handle to start with and a close of the bearish gap at 0.7107 would leave the bulls a victory with the courage to carry on. A reversal looks in at the 20 DMA at 0.6708 below S3 at 0.6750.
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