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NZD/USD: stable in quiet Asian awaiting a catlyst

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is capped at the 200 DMA trading at 0.6846 today with a consistent recovery from end of Nov lows and subsequent supply from the same area of resistance at 0.6897 October highs.

    The price action has been a consolidation and a slight drift to the downside meeting a mixed greenback in the US session while commodities, specifically oil, had been recovering until the last hour of trade where price has stepped back to score $36.50bbl vs overnight highs of $37.22 from $36.14 lows. Meanwhile, there is a dead calendar today in Asia and activity is unlikely. At the end of the week we have Chinese non-manufacturing and NBS manufacturing.

    NZD/USD levels

    Technically, the price has risen to challenge the 200 DMA at 0.6846 within the broader bearish trend from 0.76. A break of the psychological 0.70 handle remains a key objective to close the gap at 0.7107. A reversal looks in at the 20 DMA at 0.6750 below S3 at 0.6800.
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