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NZD/USD: Consolidating the vertical rise below 0.67 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The NZD bulls take a breather after eighth consecutive sessions of gains on Friday, with NZD/USD consolidating the previous heavy gains after recording fresh seven-week highs just ahead of 0.67 barrier.

    NZD/USD capped below 0.67 handle

    Currently, the NZD/USD pair trades 0.07% higher at 0.6672, supported above the weekly 20-SMA located at 0.6641 levels. The Kiwi was caught by a fresh bid wave in the mid-Asian session and pushes towards session highs reached at 0.6676 in early moves.

    The NZD/USD pair remains supported on the back of a better risk-environment amid higher Asian equities and commodity prices, which boosts the demand for higher yielding currencies.

    The bird soared to fresh multi-week highs above 0.67 handle on Thursday after the US dollar was hammered following the release of Fed minutes, which provided no clue on the Fed rate lift-off timing while revealed that the Fed policymakers remained concerned over the global economic outlook citing China fears as the key reason.

    Looking ahead, nothing relevant on the macro calendar to be reported except for the US import prices, which may have little impact on the NZD.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6703/11 (Aug 21 &Oct 8 High) levels and above which it could extend gains to 0.6771 (daily R2) levels. To the downside immediate support might be located at 0.6656/62 zone (Today’s Low & 100-DMA) below that 0.6597 (5-DMA).
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