NZD/USD targets 20 DMA

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6359 with a high of 0.6370 and a low of 0.6344.

NZD/USD is finding some demand this week in the run up towards the FOMC showdown. Commodity prices have been favourable to the commodity currency bloc. However, while there has been a solid improvement registered in Fonterra’s GlobalDairyTrade, the ANZ Research Team reviews are noting that while the bottom has been seen, things will remain tough for some time to come.

Meanwhile, the 20 DMA on the daily sticks is next target for the bulls on this minor recovery from 0.6244 lows this month, but the bird may struggle in the build up the FOMC. Analysts are suggesting that the no change camp are in the lead 55/45% while others predict lift-off.

Technically, NZD/USD has popped through the channel resistance at the halfway point of the 0.63 and the next target will be 0.6394 20 DMA for a score on to the 0.6400. To the downside 0.6280 and 0.6250 guard 0.6220.
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Source:: FX Street