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NZD/USD testing key resistance on minor recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD is currently trading with a high of 0.6584 and a low of 0.6465.

    NZD/USD is intent on continuing to recover from the September lows down at 0.6220. The price is now testing the 100 SMA on the hourly chart. There is no rhyme nor reason to the bid while

    fundamentally, the RBNZ is predicted to cut rates in 2016 with negative economic headwinds whereas the Fed are favoured to hike interest rates in December. The data of late has been positive and the US has basically hit the employment target according to Fed's Loretta Mester who was speaking on CNBC. There is a strong risk to the downside with a possible rate hike on the horizon next month from the Fed.

    NZD/USD levels

    Technically, the price is testing the 100 SMA at 0.6548. The 20 DMA is at 0.6553. The key target on the upside would be the 50 DMA at 0.7028. The September lows are downside target at 0.6220.
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