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NZD/USD heavy, breaches 200-DMA - key support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair prolongs its downward trajectory into the mid-Asian trades, extending losses for the third consecutive session as risk-off remains at play.

    NZD/USD falls, despite higher oil

    Currently, the NZD/USD pair trades -0.55% lower at fresh four-day low struck at 0.6590 last minutes. The Kiwi was one of the worst performers so far this session, with the pick-up in risk-off trades adding to the bearish momentum. Amid global growth concerns and market turmoil, investors run for cover in safe-havens at the expense of higher-yielding currencies such as the NZD.

    The Kiwi also tracked its OZ neighbour lower, after the Aussie was hit by softer business confidence numbers, reflecting subdued business morale amid the recent financial markets turbulence.

    In absence of significant data release this week, attention now remains on Wednesday’s Fed Chair Yellen’s testimony and the US retail sales data due on Friday for further momentum.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6635/40 (50 & 100-DMA), above which it could extend gains to 0.6663/68 (Feb 8 & Jan 7 High) levels. To the downside immediate support might be located at 0.6567/51 (1h 200-SMA/ daily S2) and from there to 0.6526/07 (20-DMA/ Feb 3 Low).
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