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NZD/USD under pressure below 0.69 on lower oil

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair is seen trading with a heavy tone in the Asian session, with the prices surrendering 0.69 handle amid weakness across the commodities’ space.

    NZD/USD recovers from 0.6883 lows, near hourly 100-SMA

    Currently, the NZD/USD pair trades -0.14% lower at 0.6889, retreating slightly from fresh session lows struck art 0.6883 in the last hour. The Kiwi is seen consolidating its recovery from 0.6835 region below 0.69 barrier, and keeps losses amid a broadly weaker greenback and falling oil prices.

    Moreover, the NZD/USD pair tracks the heavy losses seen in its Oz counterpart, the AUD, after the Australian retail sales data disappointed markets big time. Further, with the Chinese markets on a holiday, traders lack incentives, which also weigh on the Antipodean. China is New Zealand’s biggest trading partner.

    Markets now await the US factories and labour market conditions data lined up for release later today, while Tuesday’s GDT price index will also have major influence on the Kiwi.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6906/09 (1h 50-SMA/ daily R3), above which it could extend gains to 0.6937/50 (Apr 1 High/ psychological levels). To the downside immediate support might be located at 0.68 14 (10-DMA) and from there to 0.6791/76 (1h 200-SMA/ 20-DMA).
    For more information, read our latest forex news.

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