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NZD/USD on a free ride to test 2016 resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is testing the upside and the 2016 resistance established early this month at 0.6748 the high.

    The US dollar is on the back foot across the board while a flight to safety and doubts over the outlook of the US economy weigh on the greenback and US denominated assets. Yellen was more dovish that yesterday today and did not do the dollar bulls any favours while at the same time, the yen rallied to make over 1000 pips in the last couple of weeks to score a low of 110.97 today. The bird has a free ride currently, but struggles at aforementioned resistance.

    NZD/USD levels

    Technically, NZD/USD has moved up from 55 sma on the 4hr chart that is located at 0.6620 and is embarking on a test of this year's aforementioned highs. Failures there will expose the downside again where the 200 dma is at 0.6690. S1 there after is located below the pivot of 0.6661 at 0.6644, S2 at 0.6628 and S3 at 0.6611. RSI (14) is located at 57.
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