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NZD/USD to break the 50 DMA today?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently riding the 0.67 level at time of writing in early Asia where liquidity is light and markets are digesting the continuation of the risk-off mood and subsequent price action across EM's, stocks and downside in the antipodeans.

    The price in the bird took another nose-dive to trade below the 0.67 handle in to new lows of 0.6676. The 50 DMA was the supporting factor in the decline after the GDT price index that showed a drop of 1.6% in dairy since the last auction.

    Today, we are looking out for Chinese services PMI's and then the Chinese stocks performances. We will then head in to key US data releases as analysts at Nomura covered in a preview here.

    NZD/USD levels

    Technically, the price trades below the 20 SMA on the hourly sticks and oscillates just above the 200 SMA on the 4hr sticks, and as mentioned, support comes in at the 50 DMA at 0.6672. Below there opens up a whole new downside aiming for the 100 DMA at 0.6579 ahead of 0.6428 Nov lows.
    For more information, read our latest forex news.

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