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NZD/USD scrummage at the 0.68 line

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6803 with a high of 0.6817 and a low of 0.6783.

    NZD/USD is in a downward trend challenging bulls commitments at the 0.68 handle, that at the time of writing, is so far holding up, just like the All Blacks off the the semi's for all those rugby fans out there with half on the screens during this world cup.

    So, a scummage at the 0.68 handle at the moment exposes the boots of the number 8 while pressures are starting to mount while the Chinese GDP is digested, with a silver lining perhaps this time around, but as time goes by risks are heavily weighted to the downside and the bird is not immune to such effects, especially when it comes down to commodities. On that note, we await the key GDT auction coming up.

    NZD/USD levels

    Technically, we are still below the pivot of 0.6828 today at current spot of 0.6803. 0.6890 resistance has capped the pair ahead of R2 at 0.6938. The price has dropped away below the 50 SMA on the hourly chart with the 20 crossing down placed at 0.6810 on the same time frame. MA's with RSI (14) back below 50. Downside levels below 0.68 come as 0.6740 ahead of 0.6706.
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