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11 Feb 2016
NZD/USD: testing key resistance territory
NZD/USD is making a recovery through the sideways channels resistance and challenging 0.6680 at time of writing.
The New Zealand was able to make some marginal headway on the back of dollar weakness while Yellen failed to delivery much comfort to roiled markets outside of being cautiously optimistic that global growth will continue and so will the US towards full employment and achieving the inflation target in the medium term. In New Zealand, business manufacturing pmi for Jan came in at 57.9 vs previous 57.0.
NZD/USD levels
Technically, NZD/USD is taking on R1 at 0.6678 above the pivot of 0.6621. The support comes in at the 200 sma on the hourly at 0.6620 and the 100 dma on the daily sticks at 0.6614. On a continuation, R2 is located at 0.6727,0.6748 Feb highs and R3 is at 0.6784. Daily RSI is in neutral at 53.
The New Zealand was able to make some marginal headway on the back of dollar weakness while Yellen failed to delivery much comfort to roiled markets outside of being cautiously optimistic that global growth will continue and so will the US towards full employment and achieving the inflation target in the medium term. In New Zealand, business manufacturing pmi for Jan came in at 57.9 vs previous 57.0.
NZD/USD levels
Technically, NZD/USD is taking on R1 at 0.6678 above the pivot of 0.6621. The support comes in at the 200 sma on the hourly at 0.6620 and the 100 dma on the daily sticks at 0.6614. On a continuation, R2 is located at 0.6727,0.6748 Feb highs and R3 is at 0.6784. Daily RSI is in neutral at 53.