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NZD/USD seeking out 100 1hr sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD has rallied from the lows of this week's downside, falling from 0.6725 and bottoming 0.6586.

    NZD/USD penetrated the 200 sma on the hourly chart and is in close proximity of the 100 sma at a 0.6649 on the same time frame. The price has been volatile of late, and that's despite there being no data releases for the New Zealand economy. The play this week has been through the greenback and drivers such as oil. Crude oil prices have retaken the $31.00 mark per barrel on Wednesday following the EIA's weekly report.

    NZD/USD levels

    Technically, NZD/USD is in touching distance of the 100 sma on the hourly chart. Spot is however still below the pivot with a high of 0.6647 so far. R1 is at 0.6689 and R2 is at 0.6706. The key objective is 0.6723 to meet recent highs. On the downside, S1 is at 0.6634, S2 at 0.6605 and S3 is at 0.6564.
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