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NZD/USD takes flight towards 0.6900, China data underpins

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The NZD/USD pair rebounded in the Asian session, bringing an end to its two consecutive sessions of declines and now approaches 0.6900 levels.

    NZD/USD supported at 0.6850

    Currently, the NZD/USD pair jumps 0.47% to 0.6879, hovering within a striking distance of fresh session highs reached at 0.6885 in the last hour. Having found strong support at 0.6870 levels, the Kiwi continues to recover ground as we progress towards the late-Asian session largely on the back of a better show put up by the Chinese economy today.

    Moreover, profit-taking on the NZD shorts ahead of the weekend’s oil producers’ meeting in Doha is also one of the reasons behind the strength in the bird. The price action in the oil highly dominates the resource-linked NZD. In the meantime, the major awaits the US macro updates due later today for fresh cues on the USD moves.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.6900/08 (round number/ daily R1), above which it could extend gains to 0.6950/55 (daily R2). To the downside immediate support might be located at 0.6846/40 (10-DMA/ 1h 200-SMA) and from there to 0.6800 (round number).
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