NZD/USD firmer, flirts with 0.6700

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Kiwi dollar is following the generalized risk-on sentiment, now sending NZD/USD testing fresh highs in the boundaries of 0.6700 the figure.

    NZD/USD stronger on USD-selling

    Another wave of USD-weakness is allowing a continuation of the upside momentum in the risk-associated assets that has been triggered during yesterday’s session.

    The selling pressure has exacerbated around USD after the US Dollar Index – which tracks the greenback vs. its main rivals – has broken below the key 97.00 support, giving extra legs to the pair to the vicinity of 0.6700, or 4-week peaks.

    NZD/USD levels to consider

    As of writing the pair is advancing 0.41% at 0.6698 and a breakout of 0.6714 (200-day sma) would expose 0.6892 (high Dec.29) and then 0.7000 (psychological level). On the other hand, the immediate support aligns at 0.6638 (55-day sma) ahead of 0.6612 (100-day sma) and finally 0.6508 (20-day sma).

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