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NZD/USD testing strong resistance, trgt 200 DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USDstrong>> is currently trading at 0.6767 with a high of 0.6776 and a low of 0.6753.

    NZD/USD remains on the 0.67handle and has been testing the upper end of the scales, but capped at 0.6789 overnight and the recovery from the 100 SMA on the hourly chart on the 13 Dec at 0.6699 while the strong uptrend of 18th Nov at 0.6428 remains well intact.

    Fundamentally, the NZX dairy futures are pointing to a 7% bounce at the GlobalDairyTrade auction in London today. Then, we have GDP later in the week domestically, while the FOMC will take centre stage with the vast majority of the market expecting the first Fed hike in nine years.

    NZD/USD levels

    Technically, we are testing strong resistance here on the 4hr chart for a fourth time this month indicating the market is set on a continuation in the recovery from aforementioned lows in Nov. R3 is located at 0.6783 while the 200 DMA is positioned at 0.6880 as a key target on the recovery from 0.6220 lows.
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