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NZD/USD through 0.6500 on weaker Dollar

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is now following the increasing optimism around riskier assets, pushing NZD/USD beyond the 0.6500 handle, or session peaks.

    NZD/USD stronger on USD-selling

    The pair advances further bolstered by a generalized softer tone around the US dollar, which continues to fade Friday’s strong up move in response to softer than expected results from the US docket today.

    In the meantime, spot has managed to clinch almost a cent from last week’s troughs in the low-0.6400s ahead of tomorrow’s key releases in the NZ labour market (jobless rate expected at 6.1% in Q4).

    NZD/USD levels to consider

    As of writing the pair is gaining 0.55% at 0.6512 facing the next hurdle at 0.6557 (high Jan.29) followed by 0.6605 (100-day sma) and then 0.6631 (55-day sma). On the other hand, a breakdown of 0.6412 (low Jan.27) would expose 0.6364 (4-month uptrend) and finally 0.6346 (low Jan.20).
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