NZD/USD bulls in charge, extends beyond 0.6650

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair remains on the bids for the second straight session this Thursday, completely ignoring the Aus jobs-led weakness in its OZ neighbour.

    NZD/USD underpinned by rallying equities

    Currently, the NZD/USD pair rises 0.45% near fresh session highs of 0.6663, having found strong support near 50-DMA at 0.6618. The Kiwi broke the overnight consolidation box and rallies way beyond 0.6650 levels as a favourable risk environment on the back of higher oil prices and rallying Asian equities, continues to benefit higher yielding currencies such as the NZD. Japan’s Nikkei jumps +2.50%, while Australia’s ASX 200 rallies +2.20%.

    Further, NZD/USD remained unperturbed by the losses seen in the Aussie following weak domestic employment data as well as Chinese CPI figures. Meanwhile, markets remain focused on the sentiment around the global equities ahead of the US weekly jobless claims and Philly Fed manufacturing gauge due for release later today.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6700/15 (round number/ daily R2), above which it could extend gains to 0.6755/63 (Feb 5 & Jan 5 High) levels. To the downside immediate support might be located at 0.6620/18 (daily low/ 50-DMA) and from there to 0.6602/00 (20-DMA/ psychological levels).
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