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NZD/USD rises above 0.65 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The NZD/USD extended gains to hit a session high of 0.6513 ahead of the Fonterra’s GlobalDairyTrade (GDT) auction.

    Nears hourly 200-MA

    The spot fell a couple of pips short of the hourly 200-MA located at 0.6517. The Kiwi lost 500 pips in first two weeks of the New Year as fall in Yuan and turmoil in the financial markets weighed over the commodity dollars.

    The focus is now on the GDT auction. Experts believe the prices could fall at the auction on account of the turmoil in China and commodity markets.

    NZD/USD Technical Levels

    The spot hovers around 0.65 handle. A break below the immediate support at 0.6483 (61.8% of 0.6263-0.6883) could see the pair drop to 0.6428 (Nov 18 low). On the other hand, a break above the immediate hurdle at 0.6517 (hourly 200-MA) would open doors for 0.6560 (50% of 0.6263-0.6883).
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