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NZD/USD rebounds back to 0.6900, consolidates weekly gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    NZD/USD managed to erase most of the day’s losses during the last hours and rose back toward 0.6900, as stocks in Wall Street reversed to the upside dramatically.

    Down and up

    After the release of US economic data NZD/USD bottomed at 0.6833, 3-day low; but then it rebounded. The recovery from the lows was capped by 0.6910 and the 20-hour moving average. The pair stabilized around 0.6900.

    Like many currencies in the market, the kiwi is about to post the highest weekly close in months against the US dollar. Weakness around greenback boosted not only NZD/USD, but also AUD/USD and CAD/USD.

    From the level it had a week ago, NZD/USD is more than 200 pips higher. The New Zealand dollar has been among the top performers during the current week.

    The new resistance

    On Wednesday, the pair rose to 0.6955, hitting the highest level since June 2015. It pulled back afterward and on Thursday it rose to test 0.6955 but it was unable to break it. The 0.6950/60 area has become a key resistance in the short-term; if it rises above attention would turn to 0.7000. The kiwi is about to finish the week, near the highs and still holding bullish momentum.
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