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NZD/USD regains 0.6700 and beyond, NFP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair appears to have regained momentum and extends recovery above 0.67 handle, having consolidated below the last since China open.

    NZD/USD takes out daily pivot at 0.6704

    Currently, the NZD/USD pair trades -0.06% lower at fresh session highs of 0.6719, taking on the recovery from 0.6682 daily lows. NZD/USD caught a fresh bid tone over the last hours and finally broke the consolidation box to the upside as the oil prices moved-off lows and trim gains, thereby offering some support to the resource-linked Kiwi.

    Moreover, the pair completely shrugged the ongoing recovery in the greenback against its major competitors and extends higher in a bid to retest fresh four-week highs reached yesterday at 0.6749. Meanwhile, the bird will continue to get influenced by the sentiment around oil and stocks ahead of the much awaited US non-farm payrolls data.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6739/49 (daily high/ Feb 4 High), above which it could extend gains to 0.6763/69 (Jan 5 High/ daily R1) levels. To the downside immediate support might be located at 0.6645/43 (100 & 50-DMA) and from there to 0.6601/00 (200-DMA/ psychological levels).
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