NZD/USD spiking to challenge new key resistances

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is bid along with gold and is one of the better performers, while otherwise, the greenback has been given a last minute boost this week in the wake of a comfortable Nonfarm payrolls headline and components for the hawks at the FOMC.

    Also today, which was not supportive to the CAD, oil fell below $40 to a low of 39.59 after OPEC raised the production quota. Kiwi lost some ground on a knee-jerk, but has recovered to make fresh highs for December targeting further key resistances and the NZD/USD bulls are not backing down having cleared key technical resistances this week.

    NZD/USD levels

    NZD/USD penetrated the key 0.6690 (20th Oct low) again and targets are now set on the Nov highs of 0.6790. Supports to the downside come as 0.6689 (20hr SMA), 0.6650 (100 SMA), 0.6600, 0.6591 and 0.6558 while RSI is heading towards overbought territory at 66 currently on the hourly, but still offering more room to the upside.
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