NZD USD Trading News 2
11/22/2016 9:54:58 AM
“New Zealand’s dollar and US dollar moved by new offers at higher level and has now removed all of its daily gains to 3 day high level of 0.7080.”
Currently trading at a fresh session low, around 0.7055 level, the pair failed to develop Monday's strong recovery, from sub-0.7000 mark, led by broad based dollar retracement. The overall USD Index stays in the midst of 13-year highs among sustained expectations of Fed rate-hike move in December and prospect of aggressive fiscal stimulus from Trump administration.
During early Asian session on Tuesday, the pair paid no heed to news of an earthquake hitting New-Zealand's Northern Island and tried a move towards 0.7105 handle among prevalent risk-on sentiment. Furthermore, constant recovery in commodity prices was more seen improving demand for commodity-linked currencies - like Kiwi.
Under 0.7050, instant downside support is fixed at the very significant 200-day SMA near 0.7030 below which the pair is likely to turn at risk to once again break below 0.7000 psychological mark support and head towards testing its next support near 0.6948 level. On the upside, bullish momentum back above 0.7075 persistence, leading to a following move above session peak persistence near 0.7080, now seems to lift the pair beyond 0.7105 handle towards testing 0.7118 horizontal persistence.
Fundamental Analysis
by FxErvin
