NZD/USD rises above hourly 50-MA

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 (Mumbai) - The NZD/USD pair is now trading well above its hourly 50-MA seen at 0.6482 and appears on track to take back Tuesday’s losses.

    Eyes 0.65 handle

    The NZD showed resilience in the NY session to the third consecutive drop in the GDT price auction. Prices fell by 7% and milk prices fell by more than 11%. Still, the Kiwi managed to remain generally steady, which was followed by a moderate rise in Asia today.

    At 0.6488, the spot is just a few pips away from the previous session’s high of 0.6495 and 0.65 handle. Later today, the Fed minutes could influence market’s appetite for the US dollars.

    NZD/USD Technical Levels

    The immediate resistance is seen at 0.6520 (5-DMA)-0.6526 (10-DMA), above which the pair could rise to 0.6550 (100-DMA). On the other side, support is seen at 0.6469 (Nov 16 low) and 0.6452 (Nov 17 low).
    For more information, read our latest forex news.

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