NZD/USD rebounds from 10-DMA, nears 0.67 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair found bids near the 10-DMA at 0.6653 levels in Asia and rose to a high of 0.6698, tracking the oil price advance.

    Up for third consecutive session

    The spot is now trading higher for the third consecutive session. The Kiwi got a positive rub from the oil prices, which shrugged off bearish US inventories and strengthened in Asia. The pair currently trades around 0.6685 levels; up 0.12% on the day.

    The currency pair managed to take out confluence of 5-DMA, 100-DMA and 200-DMA seen around 0.6638 levels. Ahead of the US services PMI data, the spot remains at the mercy of the oil price gyrations.

    NZD/USD Technical Levels

    The immediate hurdle is seen at 0.67;, which needs to be take out in order to test offers around 0.6730 (23.6% of 0.6263-0.6883). On the lower side, confluence of 5-DMA, 100-DMA and 200-DMA around 0.6638 is a major support, under which the pair could drift lower to 0.66 (psychological level).
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