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NZD/USD takes profit after test of key 0.6380 support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - The downside has been playing out again in the antipodeans and NZD//USD has tested the 0.6380 level already with lower oil and stocks again. There has been a minor recovery from there as the position is somewhat overstretched and the end of week flows are in reconciliation as investors take profit as we head towards the end of the week along with bearish words from Fed's Dudley.

    The price went from a breach of the November lows at 0.6428 as focus switched towards the August lows of 0.6220, still with a good deal of leg work to go on that objective and 0.6381 is as far as the bears got at this stage. We have seen a bid back to current spot of 0.6428 at time of writing.

    NZD/USD levels

    While still trading below 0.6548 in a shallow minor recovery attempt, the downside is favoured and especially while trading below the 100 DMA at 0.6576. The August lows of 0.6220 are key target for the medium term. RSI (14) on the 1hr sticks is back out of oversold territory offering the likelihood of a phase of consolidation. There is still potential for a retest of the lows while trading below the pivot of 0.6476 for today with S2 at 0.6362 and S3 at 0.6306.
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