NZD/USD: testing key resistance territory

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    NZD/USD is making a recovery through the sideways channels resistance and challenging 0.6680 at time of writing.

    The New Zealand was able to make some marginal headway on the back of dollar weakness while Yellen failed to delivery much comfort to roiled markets outside of being cautiously optimistic that global growth will continue and so will the US towards full employment and achieving the inflation target in the medium term. In New Zealand, business manufacturing pmi for Jan came in at 57.9 vs previous 57.0.

    NZD/USD levels

    Technically, NZD/USD is taking on R1 at 0.6678 above the pivot of 0.6621. The support comes in at the 200 sma on the hourly at 0.6620 and the 100 dma on the daily sticks at 0.6614. On a continuation, R2 is located at 0.6727,0.6748 Feb highs and R3 is at 0.6784. Daily RSI is in neutral at 53.
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