NZD/USD about to post highest close in 2-months

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - NZD/USD remained steady during the American session and pulled back modestly, less than 30 pips. The pair is consolidating modestly above 0.6800, about to post the strongest close since October 15.

    Since Friday, the kiwi is moving with an upside bias. Today during the Asian session broke above 0.6780 and peaked on European hours at 0.6835. Afterwards, it pulled back and near the end of the US session it was trading at 0.6805/09, 50 pips above yesterday’s closing price.

    NZD/USD remains within bullish channel

    The pair continues to trade with a bullish bias inside a channel that offers a key dynamic resistance at 0.6680/90, where an uptrend line from November lows stands. A break below could change the short-term outlook and weakened the kiwi.

    If the pair manages to hold above 0.6800 it could gain momentum. Immediate resistance is seen at 0.6835/40 (daily high), 0.6870 (200-day MA / upper limit of the channel) and 0.6900 (psychological level / October highs).
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