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NZD/USD testing the 20 dma to the downside

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is currently trading at 0.6575 with a high of 0.6583 and a low of 0.6571.

    NZD/USD is supported at the 200 sma on the 4hr chart after losing ground this week from above 0.6675 and 0.6738's downside close for last week. Overnight, the GDT price index arrived at -2.8% vs -7.4% prior and this was making the result the 4th drop in a row. This coupled with lower oil puts the kiwi on the back-foot. We now await the FOMC minutes, Chinese CPI's and US CPI's at the end of the week.

    NZD/USD levels

    Technically, the 20 dma at 0.6573 is under pressure after the 10 dm giving way at 0.6625. Spot is close to a cent below the pivot of 0.6649 and RSI (14) on the 4hr sticks at 36.85 with S3 at 0.6552 ahead of the 0.6500 level and 2nd Feb lows. On the upside, the 200 dma is located at 0.6677 below R1 at 0.6686, R2 at 0.6716 and R3 at 0.6753.
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