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NZD/USD hits fresh highs and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD printed a new daily high at 0.6529 but failed to hold and pulled back as the US dollar gained momentum across the board ahead of the FOMC statement and as stocks in Wall Street extended losses.

    Risk aversion pushed the US dollar to the upside. NZD/USD dropped to 0.6495 and remains under pressure, trading around 0.6500, at the same level it closed yesterday.

    The latest US economic report showed that new home sales jumped 10.80% in December against expectations of a 2.00% gain. Now attention turns to the Federal Reserve, that will announce its decision. No change in rates is expected, the tone of the statement is likely to impact on the US dollar.

    NZD/USD technical levels

    To the downside potential support level might lie at 0.6495 (session low / 20-hour moving average), 0.6470 (daily low) and 0.6425 (Jan 26 low). On the opposite direction, resistance could be seen at 0.6530/35 (Jan 25 & 27 high), 0.6555/60 (Jan 21 high) and 0.6590 (Jan 07 low / Jan 13 high ).
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