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NZD/USD extends gains, approaches 0.6600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD rose further during the American session on the back of a decline of the US dollar across the board and a recovery in commodity prices. The pair peaked at 0.6588, the strongest level since last Thursday.

    NZD/USD eyes 0.6600

    The area around 0.6600 is an important resistance area. The pair traded above several times after the first week of November but it failed to consolidate on top. Today is still holding bullish tone as it approached the mentioned zone.

    A break and a consolidation on top of 0.6600 could open the doors for more gains. NZD/USD would have consolidated also on top of the daily 20 and 100 MA.

    So far it still remains limited, but holding far from monthly lows. Two weeks ago it dropped to 0.6425 (Nov 18 low) and since then it has risen more than 150 pips. The kiwi is still headed toward a decline in November against the US dollar. Currently it trades at 0.6584/87, up 50 pips, having the best performance in a week.
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