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NZD/USD gathering some traction below 1hr 200 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is currently trading at 0.6636 with a high of 0.6647 and a low of 0.6629.

    NZD/USD has fallen victim to the sell-off in commodities and lower US stock prices with oil continuing to correct form recent highs. We have been light on data for the bird this week so far, but we will get the trade balance tomorrow after a number of key US data releases and Fed speakers. Fed vice chair Fischer is actually first up and he will be speaking during the Asia session (12:30pm Syd/9:30am Sing/HK) on monetary policy; There will be audience Q&A.

    NZD/USD levels

    Technically, NZD/USD has been trading below the 200 sma on the hourly chart for the past two sticks and is looking to stablise currently to halt the downside's momentum from overnights trade at the convergence of the 20 and 50 sma on the same chart around 0.6680.

    Meanwhile, the pivot is at 0.6688 and spot challenges S1 currently. On the flip side, and a correction to the upside again targets the aforementioned 20/50 mas on the hourly chart and seeks R1 at 0.6775 on a break onto the 0.67 handle.
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