NZD/USD: technical risks weighing to downside

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    NZD/USD is currently trading at 0.6693 with a high of 0.6723 and a low of 0.6672.

    NZD/USD has remained relatively stable in thin markets, despite the US GDP figures coming out and beating previous estimates. The US economy has expanded at an annualized pace of 1.4% during the last three months of the last year, vs. forecasts at 1.0%, leaving risk on the table for a Fed hike in April or June. Next week, we get key data in PCE first and then nonfarm payrolls.

    US core PCE deflator may edge higher – RBS==a>

    US: Growth momentum has regained its footing - TDS==a>

    NZD/USD levels

    NZD/USD seen at 0.70 by year-end – Danske Bank

    The price is consolidating at the end of the week within a descending and steep channel. The price remains bearish below the 200 sma at 0.6727 on the hourly sticks and it also remains below the 20 dma at 0.6710. The major support is located here at the 200 sma on the 4hr at 0.6687 and a daily close or two would open up prospects for 0.6780.
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