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NZD/USD testing the 1hr 100 sma on extended recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD has seen little change on the back of the early Asian data for the bird. The data arrived as Business NZ PMI for December and came in at 56.7 vs a prior reading of 54.7.

    However, yesterday we got CPI for NZ and that was a big miss for the 4th quarter and has left the bird exposed to the downside, despite a recovery today that extended upon the US CPI miss for Dec. The price drifted from 0.6350 overnight and reached a high of 0.6437, which is still below the pivot of 0.6472.

    NZD/USD levels

    Technically, while below the pivot there is a bearish bias. The 100 sma on the hourly stick at 0.6436 is being tested here and a break would expose the 200 sma on the same time frame at 0.6482, exceeding the picot and setting up a potential correction. However, failures here would put focus back on the downside and targeting September lows of 0.6236 with a break of S3 at 0.6419 and the 0.63 handle.
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