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NZD/USD: support at 0.67 should be strong

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6755 with a high of 0.6866 and a low of 0.6734.

    NZD/USD has dropped from 0.6840 down to aforementioned lows below the 200 SMA on the 1hr chart and is starting to consolidate the downside after China cut their rates again, which is a sign to Global markets that the economy is perhaps not growing at the pace recent reported GDP 6.9%. Meanwhile, the greenback continues to march on which there are prospects still of a December rate hike.

    NZD/USD levels

    Technically, while trading below the cluster of MA's on the hourly, the 20 DMA comes as next target at 0.6623. Analysts at UOB Group explained, while the sharp rebound was unexpected, the up-move is viewed as part of a broader consolidation range and not the resumption of the recent up-trend. Strong support is at the 0.6700 low seen earlier this week.
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