NZD/USD remains in rising channel despite sell-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    With European and US equities falling sharply and US treasury yields sliding, NZD/USD dropped from 0.6848 to 0.6761 the low.

    However, as analysts at Westpac noted, the Kiwi was the most resilient of the antipodeans to the global risk aversion in recent trade, while the commodity bloc currencies took a beating with oil dropping heavily overnight to $36.67 bbls before a recovery back to $37.66 bbls.

    Yellen sounding less dovish

    NZD/USD levels

    Technically, NZD/USD remains in a rising channel although trading below the 0.68 handle now and looking in at the 200 sma on the 4-hourly chart at 0.6739. S1 is located at 0.6741, S2 at 0.6724 and S3 at 0.6707. These levels are guarding 27th March low of 0.6662. The wider picture remains bullish within the channel from 0.6345 targeting 0.7100.
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