NZD/USD: resting up on the 1hr 200 SMA

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6747 with a high of 0.6754 and a low of 0.6747.

NZD/USD has dropped down to test the 200 SMA on the hourly chart and drifted sideways along it for the majority of the overnight session after the Global Dairy Trade (GDT) auction ended with a drop in the milk prices.

The greenback is broadly stronger this week, despite projections that the Fed will not be hiking this year or potentially until March 2016. There is a lack of impetus in today’s Asian session nor the rest of the week so eyes will stay on the US noting the recently better than expected CPI results.

NZD/USD levels

Technically, a break below the 200 SMA and 0.6745 could ignite a fresh bearish run towards 0.6620 and last week’s lows.
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Source:: FX Street