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NZD/USD hits new session lows, poised to attack 0.6600?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The NZD/USD pair extends its choppy-trend into the mid-European session, with the New Zealand running through fresh offers as oil price recovery loses steam.

    NZD/USD sold-off near 5-DMA at 0.6668

    Currently, the NZD/USD pair trades marginally lower at 0.6622, testing daily lows struck at 0.6616 in early Asia. The Kiwi halted its recovery mode from multi-week lows and fell back into losses, now extending its losing streak for the fifth straight session this Friday as the rebound in the European equities as well as oil prices looks to fade. Germany’s DAX now rises 0.28% versus 0.77% previous while the UK’s FTSE pares gains to trade 0.35% higher.

    Moreover, broad based US dollar strength also continues to hit the NZD hard, and thus, emerging the weakest among the commodities-back currencies. The US dollar index advances 0.50% to 98.80 levels. Ahead of relevance in the form of economic news, remains the crucial US jobs report lined up for release in the NY session.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6676/79 (200-DMA/ daily high), above which it could extend gains to 0.6700 (round number) levels. To the downside immediate support might be located at 0.6592 (Dec 12 Low) below that 0.6545 (daily S2).
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