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NZD/USD rises further to 0.6670, fresh 4-week high

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - NZD/USD continue to rise despite risk aversion on the back of a decline of the US dollar across the board. The pair printed a fresh high at 0.6670, the strongest level since January 8.

    A strong NZD, a weak USD

    During the Asian session the kiwi jumped in the market after employment data from New Zealand and receive another boost with declarations from RBNZ Governor, that dampened expectation of another rate cut. The NZD is among the top performers on Wednesday.

    NZD/USD initially rose toward 0.6600 and then pulled back. After the release of US data Greenback tumbled in the market as Fed rate hike expectations fade and pushed the pair sharply to the upside. Currently is trading at 0.6660/65, up 2.70% for the day so far, having the best performance since October.

    NZD/USD technical level

    To the upside, resistance levels might be located at 0.6680 (Dec 18 low), 0.6700/10 (psychological / Oct 21 & 22 low) and 0.6725 (200-day MA). On the opposite direction support could be located at 0.6600 (psychological), 0.6560 (Jan 22, Feb 1 high) and 0.6505 (20-day MA).
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