NZD/USD bulls committing within phase of consolidation

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6792 with a high of 0.6796 and a low of 0.6783.

NZD/USD has been consolidated overnight at the start of the week as the price rides the ascending support line above the 200 SMA on the hourly chart with the bullish trend from the 0.63 handle still intact.

Looking back, the price ran up from the 0.6230 level where the bearish run petered out in the middle of September while the 20 DMA has now crossed up through the 55 DMA drawing a bullish line in the sand.

Commodities have taken a hit at the start of the week though, post the Chinese “slowdown” data, although with GDP beating expectations, the outlook remains bearish for the commodity bloc, especially for EM’s. Chinese GDP for Q3 data arrived as 6.9% Y/Y beating expectations of 6.8%, but comes below the previous of 7% Y/Y and as the lowest level since the start of the financial crisis. The US dollar is also appearing back on the front line and may pose some downside risk it manages to garner any momentum.

NZD/USD levels

Technically, the picture remains the same, with the price consolidated within that bullish trend …read more

Source:: FX Street