NZD/USD: supported at 55 DMA ahead of Chinese IP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6526 with a high of 0.6556 and a low of 0.6516.

    NZD/USD ha been unnerved on the Chinese CPI and PPI of overnight while markets might be waiting for the IP data as a more significant indicator to confirm the continuing slowdown in the Chinese economy and how current stimulus is having little effect. We are also holding out for the RBNZ Financial Stability report and a speech from the governor of the RBZ, Wheeler.

    NZD/USD levels

    Technically, a break of the 55 DMA at 0.6514 would be significant and would open up S2 at 0.6478 and S3 at 0.6450. The downside is favoured below the pivot of 0.6540 and R2 at 0.6602. The key target is 0.6420 is guarding the September lows and moving back on a continuation of the late April highs and downside. On the wide, ultimately, recoveries will need to find territory above the 200 DMA at 0.6988 to alleviate immediate downside pressures.

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