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NZD/USD extends recovery above 0.6800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD broke above the 0.68 mark and extended its recovery following another round of disappointing US data, as the kiwi shrugs off a wider than expected trade deficit ahead of Fed and RBNZ policy decisions later this week.

    NZD/USD bounced off an Asian session low of 0.6755 and picked up pace at the beginning of the New York session following disappointing US durable goods orders data.

    At time of writing, the pair is trading at 0.6807, up 0.28% on the day, and having struck a daily peak of 0.6813. From a wider view, NZD/USD is coming off from a 6-year low of 0.6185 scored late August.

    NZD/USD technical levels

    As for technical levels, NZD/USD could find immediate resistances at 0.6865 (Oct 23 high) and 0.6897 (Oct 15 high) ahead of 0.6938 (Jun 19 high). On the other hand, supports are seen at 0.6739 (Oct 26 low), 0.6698 (Oct 21 low) and 0.6605 (100-day SMA).
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