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NZD/USD flys even higher post Fed on GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD has extended its rally on the GDP data on 0.67 handle where the bird rallied from 0.6585 lows on the back of the Fed.

    First, the Fed left rates on hold as expected, but delivered a more dovish than anticipated statement, and reduced the dot plot accompanied with dovish language and changes to the statement that draws attention to the concerns from overseas. That was enough to see the greenback fall off a cliff and drag on yields and giving flight to the bird.

    Fed to hike two times this year - Rabobank

    Then, in the last 30 minute sticks, the Kiwi has rallied from the 0.6720 support and the 55 4hr sma at 0.6712. New Zealand Q4 GDP arrived at +0.9% q/q vs the +0.6% expected, 0.9% prior, and y/y actual at 2.3% for the same quarter vs 2.0% expected and 2.3% prior.

    NZD/USD levels

    The recent rally brings the Fed highs into scope at 0.6818 ahead of 0.6883 Dec 28th highs, and leaves the 20 dma at 0.6685 and the pivot at 0.6625 behind for dust. RSI (14) is at 45 on the daily sticks.
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