Wednesday, October 14, 2015

NZD/USD fragile support holds up the bears

FXStreet (Guatemala) - NZD/USD is currently trading at 0.6645 with a high of 0.6647 and a low of 0.6635.

NZD/USD has met supply on the daily chart at the 0.6720 psychological resistance level as the commodity-bloc and antipodean currencies take a hit. The base metals and oil all came off on the back of the Chinese trade data yesterday on poor exports that affected the EM's the most. Gold managed to hang on to bids as investors ran for cover.

NZD/USD finding traction on downside

Nevertheless, the bird is back into the hands of the bears and has broken down through and below the cluster of MA's on the hourly chart headed towards the 200 SMA at 0.6581 as a target for the bears. 0.6600 is a key level on the downside first while momentum has slowed down on the same time frames.

Wheeler added to the bears case in his dovish tone delivered earlier in the session that can be read here.
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