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NZD/USD losing the grip towards 0.6570

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Kiwi dollar is deflating further after reaching the 0.6620 area in early trade, now prompting NZD/USD to come down to test the 0.6580/75 band.

    NZD/USD in 2-week lows

    Poor results from the NZ docket showed the activity index and the confidence gauge coming in below expectations, noting that inflation expectations remain on the downside, near historic lows.

    The additional bid tone around the greenback is adding to the bearish picture of the pair today, which has quickly faded the bullish attempt to the 0.6620 region. Ahead in the session, US Pending Home Sales are due seconded by the Chicago PM index, whereas the GDT auction is the next relevant event in NZ, expected tomorrow.

    NZD/USD relevant levels

    As of writing the pair is losing 0.83% at 0.6576 facing the next support at 0.6543 (low Feb.16) ahead of 0.6346 (low Jan.20) and finally 0.6233 (low Sep.29 2015). On the other hand, a breakout of 0.6637 (55-day sma) would aim for 0.6645 (200-day sma) and finally 0.6777 (high Feb.26).
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