NZD/USD struggles to extend beyond 0.6900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair is extending its struggle with 0.69 handle into late-Asian/ early European trades, as the auspicious China PMI reports failed to provide a lift to the sentiment around the bird.

    NZD/USD recovers from 0.6890 lows

    Currently, the NZD/USD pair trades -0.17% lower at 0.6900, having posted fresh session lows at 0.6890 last hour. The Kiwi extended its choppy trend this session as the prices remained under pressure on worsening risk sentiment in the markets led by the Japanese stocks meltdown, while the losses remained in check as the Chinese PMIs surprised upside and offered some respite to the NZD bulls. China is New Zealand’s top trading partner.

    Attention now remains on the US labour market report due in the NA session, while the sentiment around the oil and stock markets will be closely monitored, in the meantime.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6966 (Mar 31 High/ 9-month top), above which it could extend gains to 0.7000 (psychological levels). To the downside immediate support might be located at 0.6858/50 (5-DMA) and from there to 0.6800 (psychological levels).
    For more information, read our latest forex news.

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