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NZD/USD find support at 100/200 SMA on the 1hr/30 mins sticks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is on a bearish cycle and testing the 100 SMA at 0.6689 at time of writing where just below, the 200 SMA lingers as a cautionary level at 0.6680.

    Fundamentally, the greenback is garnering some demand in Asia at the start of this week while the FOMC is on the lips of all desks, analysts economists who are awaiting the meeting with expectations of a Fed hike, but with the possibility of a dovish tone which could be bad news for the greenback.

    Meanwhile, commodities will drive the drive as well and oil will be closely monitored this week having made new lows of late with the Saudis keeping the taps fully open. So this week, NZ GDP and FOMC are what to watch for.

    NZD/USD levels

    Technically, support at the 200 SMA at 0.6690 is playing its role while the 9 SMA is on the approach at 0.6705 on the 30 min sticks with momentum in the bears favour and plenty to go on the RSI (14). On the 1hr, the 100 SMAis at 0.6689. S1 comes at 0.6668, S2 at 0.6651 and S3 at 0.6635.
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