NZD/USD: bulls supported on 1hr 200 SMA

By FXStreet FXStreet (Guatemala) – NZD/USD has been turned back on the recent bid in early Asia and is contained within a narrow range 20 pips and resisted at the 50 SMA on the 1hr chart.

The theme that is gripping the markets is the commodity sector and downturn, and catalysts explained here by analysts at ANZ. The Oil sector triggered new lows in Brent below $40 and WTI was testing $36bbl. China’s trade surplus didn’t help the bulls cause while exports continue to be highly problematic as displayed yesterday. For today, we get CPI’s for China as well.

NZD/USD levels

Technically, price is trying to recover as contained by the aforementioned levels in the 50 SMA on the 1hr chart, while bears prepare for a run at S1 that is located deep at 0.6578 at the 100 4hr SMA. The 1hr 200 SMA is supporting the bird currently at 0.6610 below the 1hr 9 SMA at 0.6639 where price is diverging from above at time of writing is bullish, but a break of the 20 DMA at 0.6575 meeting the aforementioned S1 would be significant.
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Source:: FX Street