NZD/USD recovering through the 20 DMA

By FXStreet FXStreet (Guatemala) – NZD/USD is currently on the bid between the 20 and 50 DMA having scored a high of 0.6369 and a low of 0.6376.

NZD/USD has been better bid in the Asian session and has continued its recovery from the lows of the downtrend from the 0.64 handle of last week. The lows were some 100 pips lower and with a better risk-sentiment appearing throughout global markets, albeit still very mixed and far from bullish, the pair has attracted some demand again with profit taking turning into a full on minor recovery up to aforementioned highs today so far.

The ANZ activity outlook was stronger than previous coming out at 16.7% vs 12.2% prev while business confidence was still quite low, despite a recovery in Fonterra’s prices, albeit scoring an improvement of -18.9 vs -29.1 prev. we now turn to Nonfarm Payrolls in the US on Friday for further impetus while China leaves the FX space for a week.

NZD/USD levels

NZD/USD bulls have penetrated the first major hurdle in the recovery through the 200, 50 and 20 SMA’s on the hourly chart. Price is supported by the 20 SMA on the 4hr charts and the 20 DMA on the …read more

Source:: FX Street