NZD/USD turns negative, ignores higher commodities

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair wiped-out gains and turns into the red zone as we head into the early European trades, with the bulls unperturbed by positive sentiment around commodities space.

    NZD/USD recedes from 0.6755

    Currently, the NZD/USD pair trades almost unchanged at 0.6742, unable to break through 0.6755 upside barrier. The Kiwi fails to keep the bids and edges lower in early Europe as markets refrain from taking the yield advantage amid risk-on rally in the Asian stocks as well as on higher oil and industrial metals’ prices, which tends to support the commodity exporting currency NZD.

    The NZD/USD pair also ditched its OZ counterpart and trades largely subdued, despite a broadly lower US dollar, as focus now shifts towards RBNZ Governor Wheeler’s speech in Auckland due later today. While Tuesday’s US data flow and the FOMC statement on Wednesday remains the next market movers for the bird this week.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6772/76 (daily R3/ Mar 11 High), above which it could extend gains to 0.6800 (psychological levels). To the downside immediate support might be located at 0.6712/00 (5-DMA/ round number) and from there to 0.6642/22 (100 & 200-DMA).
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