NZD/USD recoveries struggle at 20 dma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD dropped back from the recovery through 0.6540 and has scored a low so far of 0.6461 in a risk off environment.

    NZD/USD penetrated the convergence of the 200 and 100 sma on the hourly chart to the downside through 0.6480 support while risk-off coupled with Fonterra's Global Dairy Trade price index falling 7.4% in today's auction, vs the 19th Jan's 1.4% drop, leaves the downside wide open ahead of today's key job report for New Zealand and China's Caixan Services PMI's.

    NZD/USD levels

    Technically, The 20 dma is at 0.6499 where spot oscillates currently. The market has broken below the pivot of 0.6518 and another failure below the 200 sma on the hourly exposes S2 at 0.6409. The 20 dma is at 0.6499 where spot oscillates currently. A recovery on the upside would only be convincing through 0.6590 and the 100 dma.
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