NZD/USD taking on post-RBNZ recovery above 0.67

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bears have almost lost the grip as we progress towards the American opening bells, driving NZD/USD beyond 0.6700 levels.

    NZD/USD: recovered almost 100 pips

    Currently, the NZD/USD pair trades modestly flat to 0.6700, easing-off fresh daily highs recorded at 0.6713 in last hours. The NZD/USD pair staged a solid recovery from near 0.6620 region, and finally clinches the daily pivot located at 0.6700 on the back of a short-covering rally ahead of the US Q3 GDP data due out shortly.

    The Kiwi slumped nearly 100 pips to fresh two-week lows ahead of 0.66 handle in overnight trades, after the RBNZ policy statement left doors open for further easing in months ahead and talked down the NZD.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6713/24 (today’s high + 1h 50-SMA), above which it could extend gains to 0.6749/50 (1h 100-SMA + round number) levels. To the downside immediate support might be located at 0.6623 (today’s low) below that 0.6547 (100-DMA).
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