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NZD/USD: wings clipped and targets 0.6520

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - NZD/USD had a pretty good day overnight having been trading below the 200 sma on the hourly sticks in Asia's session before catching a strong bid. We went from 0.6460 to reach 0.6558.

    NZD/USD rides dollar shorting

    The US dollar was trading on the back foot overnight as fears crept in ahead of this week's Nonfarm Payrolls. While the data was mixed, the jobs outlook was alarming.

    The US manufacturing ISM for January was worse than expected at 48.2, but the main weakness was in the employment component, which fell to 45.9 from 48.0 – the worst outcome since June 2009, as explained by James Knightley, analyst at ING.

    NZD/USD levels

    As of writing, the bird is correcting from the highs and starts out in early Asia better offered filling the void after the stops were triggered on the upside above 0.6520; this is first target. A break below the pivot of 0.6493 exposes the 200 sma at 0.6477, S1 at 0.6442 ahead of S2 at 0.6407. On a follow through on the upside, the 100 sma is 0.6591 ahead of R3 at 0.6614.
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