NZD/USD remains under pressure below 55 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6462 with a high of 0.6490 and a low of 0.6455.

    NZD/USD recovery attempts are foiled and the bird remains under pressure below the 200 SMA on the hourly chart at 0.6524. The recent dairy prices are weighing on the bird with the latest Fonterra GlobalDairyTrade (GDT) auction resulting in a 7.9% drop in prices. this has been a third consecutive decline in prices.

    The focus stays with the RBNZ who have been sighted to cut interest rates again by March next year while the FOMC in December have been tipped to favour a rate hike before the year is out. We now await the FOMC minutes today.

    NZD/USD levels

    0.6489 (Fib. 61.8%) and 0.6500 levels above spot continues to pressure and leaves the bird directly offered below here while some margin below the 55 DMA at 0.6527 now. The September lows are compelling. The 200 DMA at 0.6958 needs to be broken to alleviate immediate downside pressures.
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