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NZD/USD turns negative below 0.66 after US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bid tone around USD strengthened on the back of upbeat US data, pushing the NZD/USD pair to a session low of 0.6571 levels; down 0.20% on the day.

    Eyes 50% Fibo level

    The spot is now eyeing 0.6560 (50% fibo retracement level of 0.6236-0.6883). The two separate manufacturing PMI reports released by Markit and ISM showed the sector may have bottomed out in February. Consequently, the treasury yields ticked higher and strengthened the appeal of the US dollar.

    Earlier today, the GDT auction ended up with a rise in prices, but failed to strengthen the NZD.

    NZD/USD Technical Levels

    The immediate resistance is seen at 0.6619 (580-DMA), above which the spot could make another attempt to chew through offers around 0.6644 (200-DMA). On the other hand, a breakdown of immediate support at 0.6560 (50% fibo retracement level of 0.6236-0.6883) could send the pair down to 0.65 handle.
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