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NZD/USD limited recovery, remains in range

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - An improvement in risk sentiment boosted the NZD/USD pair during the Asian session but the rally was limited and then it pulled back.

    NZD/USD capped by 0.6580

    Earlier the pair peaked at 0.6590 hitting the strongest level since last Friday. But it failed to hold and the recovery from 1-month lows at 0.6508 (Jan11 low) lost momentum.

    The pair failed to consolidate above 0.6575 and pulled back. It dropped to 0.6540, then bounced to the upside, but now is back to 0.6540, challenging European session lows as stocks in the US erase gains and while crude oil plummets toward $30.00 after inventory data.

    NZD/USD technical levels

    To the downside, support levels might lie at 0.6540/45 (intraday low), 0.6505/10 (January low) and 0.6430 (December low). On the opposite direction, resistance could be seen at 0.6590 (daily high), 0.6610 (Dec 3 & 8 low / Nov 20 high), 0.6650 (38.2 Fibonacci retracement of the decline from 0.6880 to 0.6510) and 0.6710/15 (20-day MA).
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