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NZD/USD weaker, in sub-0.6400 levels

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is suffering the increasing risk aversion today, sending NZD/USD to test troughs below the 0.6400 handle.

    NZD/USD in 3-month lows

    Increasing risk aversion and a generalized weakness around commodities currencies in response to another drop of crude oil prices keep impacting on the pair, dragging it to levels last seen in September 2015.

    Ahead in the session, the usual dairy auction is expected in New Zealand, while Retail Sales and Industrial Production figures will be the main events in the US calendar.

    NZD/USD significant levels

    The pair is now down 1.27% at 0.6394 with the next support at 0.6223 (monthly low Sep.2015) ahead of 0.6000 (psychological level) and finally 0.5920 (monthly low May 2006). On the other hand, a break above 0.6588 (100-day sma) would expose 0.6651 (55-day sma) and then 0.6702 (20-day sma).
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