NZD/USD recovery remains confined below 0.6800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The overnight recovery in the NZD/USD pair lost steam just shy of 0.68 barrier, and the prices drifted slightly lower thereon, as bull remain depressed by the selling in the Asian markets.

    NZD/USD rejected at 20-DMA

    Currently, the NZD/USD pair trades 0.10% higher at 0.6783, testing lows posted at 0.6780 last minutes. The Kiwi trims gains and now mires near session lows as the risk-off moods surrounding the Asian equities overshadow the optimism spurred by the oil price rebound.

    Moreover, the rising demand for the greenback against its six major peers on less dovish comments from the Fed Chair Yellen, also keep the bird in check. Meanwhile, the US dollar index advances 0.10% at 94.60 levels.

    Moving on, the major will continue to track the broader market sentiment, while Fed speaks will be closely heard in absence of significant US economic data in the day ahead.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6800/04 (round number/ 5-DMA), above which it could extend gains to 0.6845/50 (10-DMA/ psychological levels). To the downside immediate support might be located at 0.6736/26 (daily S1/50-DMA) and from there to 0.6687 (100-DMA).
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