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4 May 2016
NZD/USD: challenging major support line below 20 dma
NZD/USD is currently trading at 0.6875 with a high of 0.6941 and a low of 0.6859.
NZD/USD continues on its southerly trajectory within the broader bullish trend of which channel's support is, however, being challenged currently. The shift in sentiment in the Kiwi stems from the GDT price index dropping, the RBA cutting, unemployment rising, albeit, Labour market is in reasonable health – ANZ, commodities slipping and profit taking on being too high relative to relative rates and the market adjusting accordingly to most of the above.
NZD/USD levels
NZD/USD has been losing steam in the rising channel commencing mid January of this year. To the downside, the 20 dma at 0.6902 was broken, (low 0.6859 so far) and the rising support line has come in to jeopardy with next key level located at 0.6720. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7285.
NZD/USD continues on its southerly trajectory within the broader bullish trend of which channel's support is, however, being challenged currently. The shift in sentiment in the Kiwi stems from the GDT price index dropping, the RBA cutting, unemployment rising, albeit, Labour market is in reasonable health – ANZ, commodities slipping and profit taking on being too high relative to relative rates and the market adjusting accordingly to most of the above.
NZD/USD levels
NZD/USD has been losing steam in the rising channel commencing mid January of this year. To the downside, the 20 dma at 0.6902 was broken, (low 0.6859 so far) and the rising support line has come in to jeopardy with next key level located at 0.6720. On a break of the 2016 highs, the next major target comes on the weekly sticks with Jan 2015 lows of 0.7176 ahead of the 100 weekly sma at 0.7285.