27 Jul 2015
NZD/USD: offered at 0.66, bears still in control?
FXStreet (Mumbai) - The NZD/USD bears were back with offers at the Asian session high of 0.6603, pushing the spot back to the hourly 200-MA currently located at 0.6586.
Focus on Fed and US durable goods data
The USD bulls could remain strong ahead of the Fed interest rate decision due on Wednesday. Though the central bank is not expected to move rates, the policy statement is likely to reiterate the message that rates could move later this year. Meanwhile, the US durable goods data due later today could turn out to be the main market mover.
The minor bounce in the NZD and the commodity currencies could turn out to be a fresh opportunity for the bears to hit the markets with offers as commodity prices continue to stay weak amid tepid Chinese data and gold dropping to multi-year lows.
NZD/USD Technical Levels
The immediate resistance is located at 0.66 handle, followed by another hurdle at 0.6653 on the hourly chart. On the flip side, a break below Friday’s low at 0.6554 could push the spot back to 0.65 handle.
Focus on Fed and US durable goods data
The USD bulls could remain strong ahead of the Fed interest rate decision due on Wednesday. Though the central bank is not expected to move rates, the policy statement is likely to reiterate the message that rates could move later this year. Meanwhile, the US durable goods data due later today could turn out to be the main market mover.
The minor bounce in the NZD and the commodity currencies could turn out to be a fresh opportunity for the bears to hit the markets with offers as commodity prices continue to stay weak amid tepid Chinese data and gold dropping to multi-year lows.
NZD/USD Technical Levels
The immediate resistance is located at 0.66 handle, followed by another hurdle at 0.6653 on the hourly chart. On the flip side, a break below Friday’s low at 0.6554 could push the spot back to 0.65 handle.