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NZD/USD reverses a spike to hourly 200-SMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair defends gains heading into mid-Asia, having faded a knee-jerk spike to 0.6660 in response to surprisingly stronger Aus GDP print.

    NZD/USD finds support near 0.6625


    Currently, the NZD/USD pair rises 0.05% to 0.6532, recovering from a brief dip to 0.6626 reached in the last hour. The Kiwi failed to sustain at higher levels and quickly reverted to near daily lows, before finding fresh support from the rallying Asian equities and a minor-recovery seen in the oil prices.

    The NZD/USD pair is seen struggling to extend higher, despite the persisting risk-on trades and strengthening AUD/USD, as the bulls seem to experience exhaustion after the run up to the hourly 200-SMA located at 0.6660.

    Meanwhile, the bird is expected to remain underpinned on the back of positive GDT price index and amid risk-on rally inequities, ahead of the much awaited US jobs report.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6660 (daily high/ 1h 200-SMA), above which it could extend gains to 0.6700 (round number). To the downside immediate support might be located at 0.6590/83 (daily S1/ Feb 24) and from there to 0.6543 (Feb 16 Low).
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