NZD/USD clinches 0.6600 – at fresh 2-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The New Zealand dollar extends its winning streak versus its American rival into a third day on Friday, with NZD/USD now trying another attempt to extend beyond 0.6600 levels.

    NZD/USD hovers around 20-DMA

    Currently, the NZD/USD pair trades 0.32% higher at fresh session highs of 0.6587, heading towards Thursday’s high posted at 0.6597 and beyond. The Kiwi jolted higher as the US dollar ran through fresh offers, as markets continue to benefit from the USD longs squeeze after the recent upsurge to seven-month peaks.

    The US dollar gave back gains against its major competitors and resumed the technical correction triggered yesterday following the FOMC minutes.
    Moreover, the rebound seen in oil and gold prices coupled with the recent upbeat NZ fundamentals continue to underpin the bird.

    However, the upwards rally on the back broad US dollar pullback is likely to be short-lived as the Dec meeting remains a live event for the Fed, which will continue to bolster USD bulls.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6632 (Oct 6 High), above which it could extend gains to 0.6673 (Oct 4 High) levels. To the downside immediate support might be located at 0.6552 (Today’s Low) below that 0.6509 (1h 50-SMA).
    For more information, read our latest forex news.

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