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NZD/USD: made fresh highs on 0.67 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6688 with a high of 0.6706 and a low of 0.6607.

    NZD/USD remains firm and recently scored a bid onto the 0.67 handle for a new high in December. The market has been volatile today, but the commodities have been bid and supporting the bird. WTI was a squeeze higher of $2, copper was bid cents and gold rallied $15.

    At the same time, US data wasn't great. The non-manufacturing PMI for Nov came in at 55.9 vs 58.0 expected and this coupled with a continuation of a contraction in the manufacturing sector leaves the greenback exposed to pressures as we move in towards Nonfarm Payrolls. However, the Nonfarm payrolls tomorrow should be a positive outcome and supporting the outlook for the divergence between the RBNZ and the Fed. After today's 2hr testimony from Yellen to Congress, the market is primed for a rate hike.

    NZD/USD levels

    Technically, NZD/USD has made fresh highs through the previous Dec high of 0.6687 and R3 at 0.6697 and has penetrated the Oct lows at 0.6618/20 and 0.6690 (20th Oct low). Targets are now set on the Nov highs of 0.6790. Supports to the downside come as 0.6650, 0.6600, 0.6591 and 0.6558 while RSI is heading towards overbought territory at 66 currently on the hourly, but still offering more room to the upside.
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