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NZD/USD upside reversal targets 100 1hr sma

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD is sharply lower after the nonfarm payrolls that offered a mixed picture but probably removes a Fed hike as soon as March from the table.

    The headline was not encouraging, but the details behind the report was not all that bad. The bird is left exposed to the downside targeting the 100 sma on the hourly sticks at 0.6606.

    Rob Carnell, analyst at ING Bank explained, "It is difficult to see exactly what the Fed will make of this. But with global financial conditions tightening, this release says “more data needed” before drawing any firm conclusions about any shift in Fed policy. That does at least suggest that a March hike remains off the table."

    NZD/USD levels

    NZD/USD is in overbought territory on the short term RSI's, but the price has penetrated the near term support below the mid-point of the 0.66 handle. The cross remains better offered below the 0.6706 pivot and 0.6866 as the start of the 2016 downtrend.
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