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NZD/USD consolidates above 0.6750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Kiwi is falling against the US dollar for the second day in a row, making a correction after reaching during Friday the highest level in two months.

    NZD/USD peaked last week at 0.6875 but then reversed and turned to the downside. It finished last week at 0.6785 and during today’s European session bottomed at 0.6745. It bounced quickly back above 0.6750 and even hit a fresh daily high at 0.6792.

    But it dropped back toward 0.6750. It was trading at 0.6755/60, down 0.60% for the day, on a quiet US session with most crosses of the forex market trading in modest ranges.

    NZD/USD technical levels

    To the upside resistance levels might lie at 0.6795 (daily high), 0.6825 (intraday level) and 0.6875 (March highs). On the opposite direction support levels could be located at 0.6745 (daily low), 0.6705 (20-DMA) and 0.6615/20 (March 10 high).
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