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NZD/USD: supported at 1hr 200 SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - NZD/USD is currently trading at 06642 with a high of 0.6650 and a low of 0.6640.

    NZD/USD is mirroring its Aussie counterpart and resting up on the 200 SMA on the hourly chart after a day of supply and a bad day for commodities. Oil was down to the lowest point since 2009 while metals took a nosedive as well. OPEC lead the sell-offs due to them lifting their daily output quota last week while the Saudi's rely on the market to adjust itself rather than cut off their supplies. The price in the bird dropped from the 0.67 handle and was down testing 0.6620 territory on a steady decline throughout the US shift.

    NZD/USD levels

    Technically, S1 is located deep at 0.6653 and above the 200 SMA on the 4hr time frame at 0.6614. RSI (14) on the same time frame is at 47.34 and declining. The 100 SMa is heading towards the 20 SMA on the 4hr as well indicating a potential continuation of the downside although on a more neutral Momentum indicator.
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