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NZD/USD rejected at 0.67, slides towards 1h 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The New Zealand snapped previous gains and slipped back in the red against its US counterpart in early Asia, knocking-off NZD/USD to fresh session lows below 0.67 handle.

    NZD/USD eyes 1h 50-SMA at 0.6655

    Currently, the NZD/USD pair trades -0.24% lower at 0.6674, hovering close to fresh session lows struck at 0.6669 in last hours. The Kiwi halted its previous rally and came under renewed selling pressure this session after the USD bulls jumped back into the bids against its major peers, expectant of a stronger US jobs data paving the way for a Dec rate rise. The USD index edges 0.28% higher to trade at 98.08.

    Moreover, the negative sentiment on the Asian equities following the hawkish tone by the ECB and Yellen’s reiteration that a rate hike in on the cards, continue to dampen the demand for higher-yielding currencies such as the NZD.

    Meanwhile, the main market mover for today’s trading session is expected to be the US non-farm payrolls data due later in the NY session. Until then, the kiwi will continue to track the broader market sentiment.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6696/ 0.6700 (daily high/ round number), above which it could extend gains to 0.6712/15 (Dec 3 High/ Oct 29 High) levels. To the downside immediate support might be located at 0.6655/45 (1h 50-SMA/50-DMA) below that 0.6630 (1h 100-SMA).
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