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NZD/USD: Upside capped by 0.6500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - NZD/USD continues to remain on the bids for the second straight session and now retreats from near 0.65 handle amid mild risk-aversion seen across the board.

    NZD/USD strives to regain 0.65 handle

    Currently, the NZD/USD pair modestly flat at 0.6483, easing-off fresh session highs posted at 0.6496 last minutes. The Kiwi trims gains, although remains on a solid footing and extends its post-RBNZ recovery on the back of the recent winning-streak seen in oil, which offers support to the resource-linked NZD.

    Moreover, the recent series of poor US data keeps the greenback undermined, and therefore, pushes NZD/USD higher. On Thursday, durable goods and pending home sales data disappointed markets and raised concerns over growth figures expected from the US later today.
    Attention now remains on the oil price action ahead of the crucial US advance GDP data due later in the NY session.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6516/23 (Jan 28 High/ Daily R1), above which it could extend gains to 0.6563 (Jan 21 High) levels. To the downside immediate support might be located at 0.6470/ 69 (5 & 10-DMA) and from there to 0.6409 (Jan 21 Low).
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