NZD/USD retreats but still holds weekly gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - NZD/USD is falling on Friday after posting yesterday the highest daily close since June 25. The pair started a bearish correction during Thursday's European session. Today it attempted to regain 0.6870 but weakened again and accelerated the decline. It bottomed at 0.6783.

    From the lows it moved to the upside but the recovery was capped by 0.6815 and currently it trades at 0.6795/98, 50 pips below yesterday’s closing price, but a hundred above the level it had seven days ago.

    NZD/USD technical levels

    NZD/USD is about to post the third weekly gain in a row and the fifth out of the last six weeks. During the week it broke and consolidated on top of the key 0.6700 area. Afterwards it jumped to the upside, moving toward 0.6900, that become a relevant resistance zone, before the 0.6845 could offer resistance.

    On the opposite direction, the immediate support level might be seen at 0.6780 (daily low) and 0.6740 (Oct 12 high) before the 0.6700 handle.
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