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Technical Analysis: NZD/USD Slides to 0.6790 in Europe as USD Gains

Posted by Chris Advincula on Oct 16, 2015 7:48:00 AM

* NZDUSD came off from 0.6840 resistance high to test 0.6784 as USD made modest gains.

* Kiwi lower on AUD/USD mirror pullback to 0.7265 from speculation of RBA cut on Nov 3.

* NZD has been weighed down by profit-taking rounds on longs after failing 0.6900 rally.

* The US dollar made small gains as yields rose on views of earlier Fed hike post CPI.

* Fed official Dudley favors Dec rate hike if economy meets his forecast, adds recent economy slowing but confident the tightening job market will lead to additional inflation.

* The 14 day moving average resistance is 0.6832 with day support at 0.6790.

* Fibonacci Fan retracements: 0.6845 (38.2%), 0.6850 (50%), 0.6856 (61.8%). Appears to have further easing momentum to 0.6750 for day trade if US dollar gains further.

NZDUSD.10.16.2015 resized 600 

Chart: WorldWideMarkets Alpha Trader

Topics: forex trading, European Session, Fundamental Analysis, NZDUSD, Fed. AUD/USD

 

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