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NZD/USD extends gains alongside Oil, tests 0.6700

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair extends its upbeat momentum into a second day this Friday, with the bird positively impacted by more stimulus unveiled by the RBNZ and ECB the day earlier.

    NZD/USD hovers around hourly 50-SMA

    Currently, the NZD/USD pair advances 0.40% to 0.6695, flirting with session highs reached at 0.6700 post-China open. The Kiwi recovers ground and attempts recovery from near 100-DMA (0.6641) in a bid to retest previous highs of 0.6714.

    The bulls remain in charge and drive the prices higher mainly on the back of higher commodities’ prices, especially oil, with both crude benchmarks rallying around 1.5%. Moreover, the Kiwi also finds impetus from the minor-recovery in the Asian equities.

    With the RBNZ and ECB out of the way, focus now remains on RBNZ Governor Wheeler’s speech and the Fed outcome due next week for fresh momentum.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6720/34 (10-DMA/ 1h 100-SMA), above which it could extend gains to 0.6750/68 (daily R2). To the downside immediate support might be located at 0.6648/41 (daily low/ 100-DMA) and from there to 0.6626/08 (200 & 50-DMA).
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