NZD/USD fades a spike to 0.6780, back at 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - NZD/USD reversed losses seen in Asia and rebounded higher during the European hours, extending its winning streak into a third-day today.

    NZD/USD trims gains

    Currently, the NZD/USD pair trades 0.07% higher at 0.6763, retracing from fresh session highs posted at 0.6782 in last hours. The Kiwi jumped back on the bids, after a brief dip in Asia, as the greenback erased gains and fell into losses across the board. USD index now loses -0.08% to 97.83.

    Moreover, stabilizing oil prices coupled with markets still cheering no further RBNZ rate cut also contributes to recovery in NZD/USD from 0.6735 lows. However, gains remain in check amid falling European stocks which curb the demand for higher yielding currencies such as the Kiwi.

    Meanwhile, the pair will track the broader market sentiment ahead of a batch of key US economic data due later in the day ahead.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6782/83 (daily & Dec 10 high), above which it could extend gains to 0.6821 (daily R2) levels. To the downside immediate support might be located at 0.6708/00 (5-DMA/ round number) below that 0.6681 (1h 100-SMA).
    For more information, read our latest forex news.

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