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NZD/USD takes out hourly 100-MA, 0.66 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bullish grip on the NZD tightened in last hours, driving NZD/USD sharply through the hourly 100-SMA located at 0.6556, on its way to 0.66 barrier.

    NZD/USD recovers more than 50-pips from lows

    Currently, the NZD/USD pair trades 0.43% higher at fresh session highs of 0.6564, heading firmly towards 0.66 handle. The Kiwi stages a solid comeback after a 2-day decline as the US dollar eases-off multi-month highs and trims gains against its major peers.

    Moreover, the NZD bulls continue to cheer upbeat NZ business confidence numbers, ignoring minor losses seen in oil prices. The ANZ Business Confidence Index, jumped to 14.5% in Nov from a net 10.5% rise seen previously, hitting the strongest level since May.

    Further, markets preferred to lock-in in gains on the NZD shorts after the recent weakness, ahead of a slew of macro data from China and the US due tomorrow. While Tuesday’s Fonterra’s fortnightly dairy auction results will be also closely eyed.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6582 (Nov 27 High), above which it could extend gains to 0.6600 levels. To the downside immediate support might be located at 0.6511 (daily S2) below that 0.6491 (Nov 23 Low).
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