OctaFX | OctaFX Forex Broker
Open trading account

NZD/USD stalls recovery just below 0.6800

FXStreet (Mumbai) - The NZD bulls jump back into the bid ahead of the US open, now driving NZD/USD towards 0.68 barrier on the back of a renewed selling seen in the US dollar.

NZD/USD breaks through hourly 200-SMA

Currently, the NZD/USD pair trades 0.06% higher at fresh session highs of 0.6794, having found renewed bids near 5-DMA located at 0.6775. The Kiwi regained lost ground and swung back into the positive territory as markets shrug off the recent NZ trade balance data and now shift their attention towards the RBNZ policy decision due on Thursday.

However, the gains in the Kiwi pair are likely to remain restricted on the back of falling oil prices while the upcoming US data ahead of Wednesday’s Fed outcome is expected to keep the traders on the side-lines.

Earlier on the day, NZD/USD plunged to 0.6742 lows after the NZ trade data showed a widening trade gap. The trade deficit unexpectedly expanded to $1.22 billion last month versus $1.08 billion booked in August, missing estimates of a $825 million deficit.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6800 (round number), above which it could extend gains to 0.6850/57 (Oct 20 High + daily R2) levels. To the downside immediate support might be located at 0.6771 (hourly 100-SMA) below that 0.6742/21 (Today’s Low + 20-DMA).

UK GDP came lower than market expectations - TDS

Ned Rumpeltin, European Head of Currency Strategy at TD Securities, note that the UK GDP for 15Q3 came out at 0.5% q/q, just a tick lower than our and markets expectations of 0.6% q/q.
Read more Previous

FOMC: Faced with credibility and over reliance on data problems – ING

Rob Carnell Chief International Economist at ING, notes that the Fed is beginning to face a credibility problem and having tied itself in knots over its previous “forward guidance strategy”, now that the business cycle is older – arguably “late cycle”.
Read more Next
Start livechat