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NZD/USD swings back to 0.6700 amid oil recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The NZD/USD pair found renewed bids just ahead of 50-DMA at 0.6664 and took on the recovery towards 0.67 handle, tracking the AUD and oil higher.

    NZD/USD nears 0.6700

    Currently, the NZD/USD pair trades almost unchanged at fresh session highs of 0.6692, having posted fresh session lows at 0.6668 in the Asian session. The Kiwi caught a fresh bid-wave and swung back higher in an attempt to conquer 0.67 barrier, after the US dollar shed some gains against its major peers. The USD index eased to 96.31, still up 0.15% on the day.

    Moreover, the ongoing recovery in the oil prices from weekly lows combined with renewed strength seen in the AUD/USD pair also aided the recovery in the bird. Both crude benchmarks rebound over 1% on the back of the decline in the US output and stronger gasoline demand.

    Looking ahead, markets now await a slew of significant economic releases from China and the US due later this week for further momentum on the pair.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6727/33 (20-DMA/ 1h 200-SMA), above which it could extend gains to 0.6775 (Mar 23 High). To the downside immediate support might be located at 0.6609/00 (200-DMA/ round number) and from there to 0.6550 (psychological levels).
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