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NZD/USD takes-out 0.7000, highest since June 2015

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bid tone surrounding the NZD picked-up pace in the last hour, with the NZD/USD pair finally piercing through 0.70 barrier amid fresh buying in the black gold.

    NZD/USD sees a 30-pips rally

    Currently, the NZD/USD pair trades 0.79% higher at 0.7004, hovering close to fresh ten-month highs posted at 0.7009 last minutes. The Kiwi caught fresh bid-wave this session after the oil prices halted the overnight retreat and swung back into gains, providing fresh impetus to resource-linked NZD. Both crude benchmarks now gain about 0.80% versus -0.50% drop seen in Asia.

    The upside gained further steam also after the US dollar dived deeper into the red across the board, with the USD index dropping to the tune of -0.19% to trade around 94.25 levels, fresh four-day lows.

    Focus now remains on the latest fortnightly Fonterra’s dairy auction results - Global Dairy Trade (GDT) price index and the US datasets due to be reported later today.

    NZD/USD Levels to consider

    To the upside, the next resistance is located at 0.7022 (daily R1/ June 2015 levels), above which it could extend gains to 0.7050/62 (psychological levels/ daily R2). To the downside immediate support might be located at 0.6932/29 (1h 50-SMA/ 5-DMA) and from there to 0.6908/00 (1h 100-SMA/ round number).
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