NZD/USD stalling and ascending snapping support line

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently trading at 0.6916 with a high of 0.6930 and a low of 0.6906.

    NZD/USD has started to consolidate April's recovery rally having made a high of 0.6951 where supply took the bird of its perch down to 0.6897 to then oscillate in a tight range between there and 0.6934 the recent high. The Chinese trade data overnight fuelled risk appetite as it showed the the economy could be starting to improve with a trade surplus of $29.86B, down from $32.59B in February.

    U.S. dollar making a recovery on hawkish Fed speakers

    However, the U.S. dollar has started to come back across the board and has stalled the rally in the bird. Fed speakers yesterday gave hawkish deliveries and have left the door open for an additional rate hike any time soon.

    NZD/USD levels

    NZD/USD is supported on the 0.69 handle in the vicinity of the 10 sma on the hourly sticks. However, the downside has broken the steep ascending channel's resistance although remains in bullish territory above 11th April high of 0.6868 and 0.6880 support. The pivot is located at 0.6902 with R1 at 0.6951, R2 at 0.6982 and R3 at 0.6999.
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