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NZD/USD approaches 0.6500 on the back of risk appetite

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The kiwi is rising against the US dollar after falling during the previous two days. NZD/USD approached 0.6500 supported by risk appetite.

    NZD/USD rebounds from 0.6420

    The pair weakened during the Asian session, affected by the decline in markets and bottomed at 0.6423, the lowest level since last Thursday. Then it bounced to the upside, erased losses and extended gains.

    It approached daily lows when the rating agency Fitch announced that the New Zealand outlook was downgraded from positive to stable, but quickly recovered. Recently printed a fresh daily high at 0.6491. It was trading at 0.6480/85, 30 pips above yesterday’s closing price.

    NZD/USD technical levels

    To the downside, support levels might lie at 0.6460 (Jan 25 low), 0.6420/25 (daily low) and 0.6345 (January low). On the opposite direction, resistance could be seen at 0.6500 (psychological), 0.6515 (Jan 19 high) and 0.6570/80 (20 and 100-day moving average).
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