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NZD/USD outperformed the antipodeans

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently at 0.6856 at time of writing with an early Asian high of 0.6860 and low of 0.6851.

    NZD/USD was again a strong bid overnight, outperforming the Aussie that rose from 0.6820 to 0.6879 before it then steadied around 0.6850/60 in early Asia. The commodity sector underpinned strength in the antipodeans with Brent crude rising 2.3% to a four-month high around $43/bbl, Copper rallied from 2.0725 to 2.1058 before retreating to 2.0820 current level and spot iron ore jumped 4.8% to $56.62/tonne while gold rallied 1.5%, encouraged. The Dollar Index dropped to fresh lows going as far back as October.

    NZD/USD levels

    NZD/USD took out the 200 sma on the hourly chart at 0.6841 and the 50 ma on the 4hr chart at 0.6837 and is now supported by the 20 dma at 0.6797. The bid remains favourable within the ascending channel from 0.6347 until the 200 dma at 0.6609.
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