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NZD/USD making a strong come back, RSI 73

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently taking further advantage on the bid with the supply in the greenback post the poor data events (retails sales/industrial production, elements of the Beige Book) that took place in the US session.

    The bird was already consolidated at daily highs, albeit taking a knock in the Asian shift on the back of supply across the board in risky asset classes with China driving risk aversion once again.

    The price stabilized at 0.6620 yesterday after the sell-off post Wheelers dovish comments before reloading and running up 160 pips in gains since with only two pit stops to refuel in Asia last night and London today. Today in New Zealand, we have just business PMI while price might be driven in tandem with the Aussie with the Aussie jobs data.

    NZD/USD profit taking

    Technically, NZD/USD recovered from a bearish position yesterday, below the cluster of MA's on the hourly chart and has been propelled into bullish territory taking on the 0.6780 resistance. RSI (14) is 73 on the hourly and points to a period of consolidation and perhaps profit taking.

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