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NZD/USD rises to 1-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The New Zealand dollar is rising for the second day in a row versus the US dollar, after finding support last week at 0.6755. During the American session, the pair reached at 0.6877, the highest since April 4.

    NZD/USD pulled back modestly to 0.6855 and currently it trades at 0.6865/70, moving toward daily highs. Greenback remains near the lows against commodity currencies.

    NZD/USD levels to watch

    As long as it remains above 0.6850/55 bullish momentum will remain intact. Resistance levels might be seen at 0.6875/80 (daily high), 0.6900 (psychological level) and 0.6965 (March highs).

    On the opposite direction, support is seen at 0.6850/55 (American session low), 0.6785/90 (daily low / uptrend line / 20-day moving average) and 0.6757 (Apr 05 low). The area around 0.6785 has become a key short-term support and a break lower could open the doors for more declines, exposing 0.6700.
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