NZD/USD rises momentarily above 0.6800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - NZD jumped in the market during Draghi’s press conference and boosted NZD/USD that printed a 2-day high at 0.6821 but it failed to hold above 0.6800 and pulled back. It was trading at 0.6785/90, up 75 pips for the day so far.

    The Kiwi is the best performer among majors in the currency market on Thursday while the euro is the opposite. The New Zealand dollar extended gains during the lasts hours as stocks in Europe and is Wall Street climbed further.

    NZD/USD recovering

    The pair is rising today after losing ground during the previous four trading days. It is still trading below the level it closed last week but trimmed weekly losses. On Wednesday the pair bottomed at 0.6696 but stabilized above 0.6700. At the begging of the day dropped to test the 0.6700 area again but it managed to hold and rebounded. Since then it has been moving with a bullish bias.

    The immediate resistance area is the 0.6800 handle; above the next level to consider might lie at 0.6845 (Oct 20 high) and 0.6895/00 (Oct highs). On the opposite direction support might now be located at 0.6755 (20-hour MA), 0.6735 and 0.6700 (daily low).
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