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NZD/USD struggles to extend beyond hourly 50-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - NZD/USD snapped previous losses and resumed this week’s upbeat momentum, extending recovery in tandem with the oil prices.

    NZD/USD supported at 0.6600

    Currently, the NZD/USD pair trades 0.14% higher near fresh session highs of 0.6653, touching the hourly 50-SMA. The Kiwi reversed a part of yesterday’s losses and ticks higher in Asia, completely ignoring the weakness in the Asian stocks as well as in its OZ partner. Japan’s Nikkei is losing -0.30% while Australia’s S&P/ASX drops -0.64%. While the Chinese indices are trading largely mixed. The bird also paid little attention to the dismal Chinese services sector data, which surprised markets to the downside, coming in at 51.2 vs. 53.1 expected.

    Meanwhile, the recovery in the Kiwi can be attributed to the tepid-recovery seen in the oil prices. The US oil retreated from fourth-month lows and regained $ 40 barrier. Moving on, attention now shifts to a host of US economic data due for release later in the NY session while the Fed Chair Yellen’s testimony also remains in the spotlight.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6683 (Dec 12 High), above which it could extend gains to 0.6715/18 (Oct 29 High/ daily R2) levels. To the downside immediate support might be located at 0.6615/10 (5-DMA/ Dec 2 Low) below that 0.6583 (10-DMA).
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