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NZD/USD making shallow recovery after FOMC mins

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is making hard work of a minor recovery from recent hourly lows while the daily prospective highlights another test to the downside of the late September reversal from 0.6220.

    Fundamentally, the RBNZ is tipped to cut rates in 2016 with negative economic headwinds while the Fed are favoured to hike interest rates in December. The data of late has been positive and given that these minutes were before the Nonfarm jobs data, the market remains looking for a Fed hike in Dec leaving the bird exposed to the downside.

    NZD/USD levels

    Technically, 0.6489 (Fib. 61.8%), 0.6500 and the 55 DMA at 0.6527 continue to pressure the bird exposing the September lows. The 200 DMA at 0.6958 is some way off in the distance and only a break about there would erode the medium term negativity.
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