NZD/USD falling off a cliff, testing 0.6660

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Kiwi dollar has abandoned session highs in the 0.6715/10 band vs. the greenback today, quickly sending NZD/USD to fresh lows near 0.6660.

    NZD/USD lower on USD recovery

    NZD is following the rest of its risk-associated peers on their way south today after crude oil prices have sharply reversed the initial positive tone, hurting the broader risk-on sentiment.

    Collaborating with the downside momentum, USD has regained the interest amongst buyers, pushing the US Dollar Index to daily highs in spite of mixed resulst from the US docket.

    NZD/USD relevant levels

    As of writing the pair is losing 0.67% at 0.6670 facing the next support at 0.6615 (20-day sma) followed by 0.6543 (low Feb.16) and then 0.6346 (low Jan.20). On the other hand, a breakout of 0.6755 (high Feb.5) would aim for 0.6800 (psychological level) and finally 0.6892 (high Dec.29).
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