NZD/USD extends rally for 4th straight session, near 0.6750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD bulls remain well in command so far this session, taking on the recovery from 0.6565 region into a fourth consecutive session above 0.67 handle.

    NZD/USD trades above all major DMAs

    Currently, the NZD/USD pair rises 0.30% to fresh session highs of 0.6744, heading for a retest of Thursday’s high at 0.6761. The Kiwi caught a fresh bid tone and now extends recovery from 0.6715 lows after a renewed risk-on wave gripped the Asian markets and lifted the overall sentiment.

    Moreover, higher oil prices also help the bird to regain momentum amid broad based US dollar upward correction. Further, reports that NZ financial regulator Financial Market Authority (FMA) has stepped-up supervision on FX broker false claims also underpinned the sentiment around the NZD. Later today, the< href="
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    awill hog the limelight and provide fresh momentum to the pair.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6761 (March 3 High), above which it could extend gains to 0.6800 (psychological levels). To the downside immediate support might be located at 0.6715/00 (daily low & round number) and from there to 0.6600/ 0.6674/71 (1h 50-SMA/ 5 & 10-DMA).
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