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NZD/USD stalls recovery just below 0.6800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The NZD bulls jump back into the bid ahead of the US open, now driving NZD/USD towards 0.68 barrier on the back of a renewed selling seen in the US dollar.

    NZD/USD breaks through hourly 200-SMA

    Currently, the NZD/USD pair trades 0.06% higher at fresh session highs of 0.6794, having found renewed bids near 5-DMA located at 0.6775. The Kiwi regained lost ground and swung back into the positive territory as markets shrug off the recent NZ trade balance data and now shift their attention towards the RBNZ policy decision due on Thursday.

    However, the gains in the Kiwi pair are likely to remain restricted on the back of falling oil prices while the upcoming US data ahead of Wednesday’s Fed outcome is expected to keep the traders on the side-lines.

    Earlier on the day, NZD/USD plunged to 0.6742 lows after the NZ trade data showed a widening trade gap. The trade deficit unexpectedly expanded to $1.22 billion last month versus $1.08 billion booked in August, missing estimates of a $825 million deficit.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6800 (round number), above which it could extend gains to 0.6850/57 (Oct 20 High + daily R2) levels. To the downside immediate support might be located at 0.6771 (hourly 100-SMA) below that 0.6742/21 (Today’s Low + 20-DMA).
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