NZD/USD: profit taking on the cards?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6560 with a high of 0.6566 and a low of 0.6550.NZD/USD has crept higher over the past US session broken the 100 SMA on the 4hr chart in recent hours.

    The pair maintains a better bid tone since having recovered from the opening bearish trend and 0.65 level lows. The focus stays with the Central Banks and commodity prices. The RBNZ is expected to be cutting on 10th Dec meeting vs a Fed that is expected to hike.

    The commodities were higher today that lifted the bird and Aussie while tomorrow will be showing us the US October Durable Goods Orders and these are expected to rebound modestly and retracing some of the losses over the prior two months. This will be the last data as we enter into US Thanksgiving and thinner trading so profit taking could be one to watch for and exaggerated moves.

    NZD/USD levels

    Technically, the declining 20 DMA is at 0.6572 today while the key target on the upside would be the declining 200 DMA at 0.6935 emulating the downtrend of July 2014 from the 0.88 level. Should the bears get back control on profit taking, the key medium target at 0.6220. Shorter term, 23rd Nov lows at 0.6493 guards the September/October channel.
    For more information, read our latest forex news.

Share This Page

free forex signals