NZD/USD's 200 DMA caps minor recovery

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - NZD/USD is currently trading at 0.6732 with a high of 0.6836 and a low of 0.6719.

    NZD/USD started off the year in supply as the yield advantage was not enough to keep the bears away and, despite a reversal in the greenback vs other pairs, the antipodeans struggle on the board. Risk is not in the favor of the bird, especially as Chinese data disappointed on a week where the Nonfarm Payrolls comes as well as the FOMC minutes.

    The GDT price index will give us first glimpse of NZ's most dependent export which could expose more downside in the bird if last year's performance can be used as a prelude to this years outlook.

    NZD/USD levels

    Technically, NZD/USD broke the 100 SMA on the 4hr at 0.6779 after struggling at the 200 DMA at 0.6837 today within the downtrend of 0.76. While trading below the 0.70 handle, the bird is directly offered and a break to the upside would otherwise target the gap at 0.7107.
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