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NZD/USD: Supply capping minor-recovery near 0.6880

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair faced strong selling pressure ahead of 5-DMA, and the prices stalled its recovery as the US dollar continues to trade higher across the board.

    NZD/USD recovers 50-pips from daily lows

    Currently, the NZD/USD pair slumps 0.77% to 0.6865, fading a spike to 0.6881 session highs. The Kiwi pares losses and tries hard to regain lost ground tracking the ongoing recovery in the oil prices. However, the recovery remains fragile amid broad based US dollar strength heading into the US CPI report.

    Earlier in the Asian session, the bird fell over 1% after the RBNZ confirmed that the surprise rate cut announced in March was leaked by the journalists. Focus now shifts towards the US CPI and jobless claims data, while China data deluge due out on Friday will be also closely eyed.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6900/06 (round number/ 1h 50-SMA), above which it could extend gains to 0.6944/50 (daily R1). To the downside immediate support might be located at 0.6839/24 (1h 200-SMA/ daily low) and from there to 0.6800 (round number).
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