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NZD/USD rejected at 0.66, drops to 1h 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The New Zealand dollar failed to withstand broad based US dollar strength in the European session today, and fell into losses after two consecutive days of gains.

    NZD/USD capped below 0.6600

    Currently, the NZD/USD pair trades -0.14% lower at 0.6570, hovering close to fresh session lows struck at 0.6564. The Kiwi faced rejection at 0.66 barrier and dropped sharply from four-day highs as the USD halted its correction and returned into bids against its major peers.

    Moreover, NZD/USD also seems to mirror the moves in the oil prices lately, with the bird fall in the red in tandem with oil prices. The US oil erased gains and trades muted around $ 43 while the Brent oil dips -0.56% to $ 45.90.

    Further, the heavy sell-off seen in its OZ neighbour, the Aussie, also dulls the demand for the New Zealand dollar. However, the downside remains capped on the back of upbeat NZ fundamentals, including the latest upbeat NZ trade data.

    Nothing of relevance to be reported in the day ahead, as the US markets remain closed on account of Thanksgiving Day.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6597 (Today’s High), above which it could extend gains to 0.6609 (Nov 20 High) levels. To the downside immediate support might be located at 0.6542 (20-DMA) below that 0.6525 (50-DMA).
    For more information, read our latest forex news.

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