NZD/USD: Bulls fighting hard to retain 0.66 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The NZD/USD pair halted its minor correction near 1.6585.90 region and resumed its upward momentum, now struggling to sustain above 0.66 barrier.

    NZD/USD rises from 0.6586 lows

    Currently, the NZD/USD pair trades modestly flat at 0.6607, retreating from fresh session highs recorded at 0.6630 some minutes ago. The NZD bulls fights hard to regain lost momentum and keeps pushing NZD/USD beyond 0.66 barrier.

    Also, the prices erased losses and re-attempts fresh multi-weeks as oil prices also appear to have stabilized after the previous bearish inventory report induced slide.

    Later in the day, the prices may swing back higher into the positive territory as the US dollar is expected to remain undermined amid dovish FOMC minutes expectations.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6649 (Oct 7 High) levels and above which it could extend gains to 0.6691-0.7002 region (Aug 24 High & 200-DMA) levels. To the downside immediate support might be located at 0.6586/80 (Today’s Low & hourly 50-SMA) below that 0.6525 (hourly 100-SMA).
    For more information, read our latest forex news.

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