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NZD/USD pushes higher near 0.6580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Kiwi dollar is now picking up pace vs. the greenback, taking NZD/USD to the area of session highs near 0.6580.

    NZD/USD in 3-week peaks

    Choppy week for the pair so far, reflecting the lack of a clear direction in the global markets, at the time where crude oil prices keep dominating the broader picture. In the meantime, spot is up over a cent since Monday’s troughs in the mid-0.6400s bolstered by a softer tone in the greenback.

    Earlier in the session RBNZ Governor Wheeler acknowledged that risks for the domestic economy remains tilted to the downside, although he later implied that further easing would be off the table for the time being.

    NZD/USD levels to consider

    As of writing the pair is advancing 1.24% at 0.6564 and a breakout of 0.6608 (100-day sma) would expose 0.6634 (55-day sma) and then 0.6718 (200-day sma). On the other hand, the immediate support aligns at 0.6412 (low Jan.27) ahead of 0.6363 (4-month uptrend) and finally 0.6346 (low Jan.20).

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