NZD/USD extends gains above 0.6850

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - NZD/USD is rising for the third day in a row on and recently reached at 0.6883, the strongest level since October 16. The pair is testing October highs that lie slightly below 0.6900; if it rises above it would be trading at levels last seen back in June.

    Commodity currencies are rising against the US dollar on Tuesday amid a recovery in crude oil prices and risk appetite.

    NZD/USD above 200-DMA

    During all December the pair has been moving to the upside slowly and climbed more than 300 pips. Today is about to post the first daily close above the 200-day moving average since August 2014. Also the pair is finally holding on top of 0.6850 that become in October an important resistance.

    The kiwi is rising above two important technical levels which could signal a continuation of the rally. The immediate resistance could be seen around 0.6900 followed by 0.6935/40.
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