NZD/USD looking for Oct lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6671 with a high of 0.6678 and a low of 0.6697.

    NZD/USD is back on the bid, following suit of its counterpart, the Aussie. Both have managed scores back into bullish territory. The non-manufacturing PMI for Nov came in at 55.9 vs 58.0 expected and combined with the noted continuation of a contraction in the manufacturing sector, the outlook is not good although the jobs sector is a healthy element of the manufacturing sector. Oil is a supporting factor also making just shy of WTI $2bbl on the day in light of a cut in supply from the forthcoming OPEC decision.

    The Nonfarm payrolls tomorrow should be a positive outcome and supporting the outlook for the divergence between the RBNZ, sighted to cut this month, and the Fed who Yellen said this week could be hiking.

    NZD/USD levels

    Technically, NZD/USD is through the 55 SMA on the hourly chart at 0.6654 and is making headway towards the Dec high of 0.6687 and R3 at 0.6697. Supports to the downside come as 0.6591 and 0.6558 while RSI is neutral on the hourly offering more room to the upside to test the Oct lows.
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