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NZD/USD will move on the Fed’s meeting

NZD/USD will move on the Fed’s meeting

Information is not investment advice

The New Zealand currency is not feeling very well on Wednesday as investors have obviously decided to take profit. NZD/USD met resistance around 0.6565 (61.8% Fibonacci of the July-October decline, top of the October-December bullish channel). The pair is now testing levels below the 200-day MA (0.6535). The line itself has a bearish bias. The meeting of the Federal Reserve will increase volatility. A decline below 0.6520 (50-period MA on the H4) will open the way down to 0.6496 (50% Fibonacci) and 0.6475/65 (100-period MA, November high). The ultimate support is at 0.6427 (support line). As for resistance, above 0.6565 it lies at 0.6585 (50-week MA, the long-term downtrend resistance line). This area will likely limit the upside if the USD gets in trouble.  

NZDUSDDaily.png

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EUR/USD: a temporary bottom

On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).

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EUR/USD: a temporary bottom

On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).

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