NZD/USD: robust on minor recovery

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6355 with a high of 0.6379 and a low of 0.6333.

NZD/USD is recovering from the supply that met the rally from the 0.6330’sto aforementioned highs. The bird is supported at the 50 SMA on the hourly chart at 0.6336 and the bid is backed by lackluster US data leading into the FOMC this week.

The retails sales were quite ordinary when taking in account the revisions and industrial production was a miss while CPI’s have also disappointed for the last data until the meeting. At the same time, risk appetite is healthy and commodities continue to recover with a sharp rally in oil and copper today, indirectly supporting the bird in the commodity currency bloc.

NZD/USD levels

Technically, NZD/USD is making headway on the bid with a less negative MACD with RSI in neutral/bullish territory at 50, with the 50 SMA as support near term ahead of the 200 SMA at 0.6317 guarding 0.6290 recent lows on the rising support line from the mid point of the 0.62 handle.
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Source:: FX Street