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NZD/USD hits 10-week highs and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD rallied further and climbed to 0.6721, hitting the strongest level since late July. The pair failed to hold so far above 0.6700 and pulled back. The retreat from the highs found support at 0.6680 and currently it trades at 0.6690/95, up 0.35% for the day.

    The kiwi is rising for the ninth consecutive trading day in a row against the US dollar and so far is having the best weekly performance in a year. A weak greenback pushed NZD/USD further to the upside. Also the improvement in risk appetite and in commodity prices gave support to the kiwi.

    NZD/USD technical levels

    To the upside, the pair is likely to test a key long term resistance zone located between 0.6710 and 0.6750. The mentioned area capped the upside in July and August, if it breaks higher it could give more evidence that a bottom has been reached above 0.6200.

    On the downside, the support levels could be located at 0.6630/40 and then a stronger around the 0.6500 handle.
    For more information, read our latest forex news.
     

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