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NZD/USD off highs, back to 0.6630

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Kiwi dollar has retraced the initial stab of session highs near 0.6660 vs. the greenback, with NZD/USD now returning to the vicinity of 0.6630.

    NZD/USD stronger on USD-selling

    Spot is now alternating gains with losses along with some sort of recovery of the US dollar, prompting the commodity-bloc currencies to surrender part of the initial gains as market participants keep adjusting to the recent Payrolls results.

    On the data front, the Fed’s Labor Market Conditions Index is due later in the NA session, while Business PMI is next of relevance in NZ on Wednesday.

    NZD/USD levels to consider

    As of writing the pair is gaining 0.06% at 0.6638 facing the next hurdle at 0.6700 (200-day sma) followed by 0.6755 (high Feb.5) and then 0.6893 (monthly high Dec.25). On the other hand, a break below 0.6621 (100-day sma) would open the door to 0.6523 (20-day sma) and finally 0.6364 (5-month uptrend).
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