NZD/USD consolidating around 0.6700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - NZD/USD is trading flat on Friday, moving in small range between 0.6715 and 0.6690. During the Asian session the pair bottomed at 0.6680, the lowest level in a week but quickly rose back above 0.6700.

    The pair remains steady on Friday trading around the same level it had a week ago, after being unable to hold to gains. On Wednesday, after the FOMC statement that announced the first FED rate hike since 2006, it peaked at 0.6834 (7-week low) but then a stronger US Dollar pushed the pair to the downside.

    For the third week in a row, the pair is about to post a weekly close between 0.6750 and 0.6700 if it ends around current levels. NZD/USD continues to consolidate after the rally that took place early in December when it broke above 0.6600.

    NZD/USD technical levels

    To the downside, support levels might lie at 0.6680 (daily low), 0.6665 (20-day MA) and 0.6605 (Dec 02 & 03 low / Nov 20 high). On the opposite direction, resistance could be located at 0.67415/20 (daily high) and 0.6740 (Dec 15 low).
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