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NZD/USD: is all about the 100 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6556 with a high of 0.6580 and a low of 0.6546.

    NZD/USD has felt the pressure of the greenback as the strongest performer heading into the Thanksgiving holidays after a series of supportive date, some it early as of the holidays. Durable goods was a stormer at 3.0% vs just 1.5% expected and -0.8% previous while PCE came in line with expectations except for M/M that missed lower by 0.1%.

    Meanwhile, the bird has headed back into the 100 DMA at 0.6543 and a close below here for the week will be negative heading into the December business next week with the RBNZ expected to cut rates due to the economic slowdown in the economy and the Fed tipped for a rate hike with data coming in strong enough to justify December as appropriate timing to do so.

    NZD/USD levels

    Technically, the declining 20 DMA is at 0.6572 and has capped the minor rebound. Should the bears get back below the 100 DMA for any sustained period, the outlook shifts back into negative and targets 0.6220 over the medium term. Shorter term, 23rd Nov lows at 0.6493 guards the September/October channel.
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