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NZD/USD hits fresh daily highs as US dollar drops across the board

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD gained momentum during the American session and broke above previous highs located at 0.6770 and jumped to 0.6780, hitting the strongest level since last Thursday.

    The pair remains above 0.6760, 50 pips on top of Friday’s closing price and rising for the second day in a row, amid a decline of the US dollar across the board and as stocks show gains in Europe and in Wall Street.

    NZD/USD technical levels

    The kiwi continues to move with a bullish tone in the short-term but it has been having difficulties holding above 0.6800. It could soon rise back above 0.6800 and traders will watch if it can holds on top or if retreats again.

    On the downside, the upside tone has two relevant support. One is the 20-day MA that stands at 0.6675 and slightly below here, at 0.6650, an uptrend line originated at November lows, is seen. A break below 0.6650 could signal a change in the short-term tone in favor of a consolidation or the US dollar.
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