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NZD/USD: minor recovery attempts remain shallow

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6530 with a high of 0.6539 and a low of 0.6502.

NZD/USD maintains a better bid tone on the 0.65 handle having recovered from the opening and minor bearishness to test the commitments of the bulls at the 0.65 level. The fundamentals remain with the expectations of the RBNZ cutting on 10th Dec meeting and expectations that the Fed will raise interest rates in the same month while weak commodity prices expose the bird within the commodity block to the downside as well.

While the calendar is light on both sides, we do have the US October Durable Goods Orders that are expected to rebound modestly and retracing some of the losses over the prior two months will be an important signal of the stabilization in business capital investment activity following the summer slump and could be a boost for the greenback heading into the FOMC next month.

NZD/USD levels

Technically, the declining 20 DMA is at 0.6577 today while the key target on the upside would be the declining 200 DMA at 0.6939 emulating from the downtrend of July 2014 from the 0.88 level with a downside key target at 0.6220. Shorter term, 23rd Nov lows at 0.6493 guards the September/October channel.

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