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NZD/USD fails once again near 0.6670, eyes 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair extends its consolidative mode into mid-Asia, having ran through fresh offers near 0.6670 on its recovery from daily low.

    NZD/USD back in the red

    Currently, the NZD/USD pair drops -0.14% to 0.6652, heading for a retest of daily lows struck at 0.6646. The extended sell-off in the Chinese equities coupled with the resumption of the decline in the black gold, reinforced risk-off environment and weighed on the resource-linked Kiwi.

    Further, as major Asian indices decline, markets seek to protect their capital and dump the higher-yielding currency NZD in favour of the safe-havens. The Chinese indices are down -2.20-2.40%, while both crude benchmarks are losing -0.70%.

    Later today, the US durable goods data will grab a lot of attention as it is considered a proxy for tomorrow’s GDP numbers. While Friday’s NZ trade balance data will be also closely eyed.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6696/6700 (Feb 10 High/ round number), 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 0.6637/25 (1h 200-SMA/ 100-DMA) and from there to 0.6600/87 (psychological levels/ 200-DMA).
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